Michael Pepe Named President of Business Information Group at Time Inc.

March 16, 1998

Michael Pepe has been named President of the Business Information Group at Time Inc., it was announced today. The Business Information Group encompasses Time Inc.'s business and personal finance interests -- including Fortune, Money and Your Company magazines. Pepe has been serving in a similar capacity as Group Publisher since September 1993.

In making the announcement Don Logan, Chairman and CEO of Time Inc., said, "With Fortune and Money each having achieved record levels of revenue and profitability in advertising and circulation in 1997, it's a particularly appropriate time to recognize the superb job Michael Pepe has done and to name him President of the Business Information Group."

During Pepe's four-year tenure overseeing Fortune and Money, not only have profits and margins reached all-time highs, but these franchises have also initiated substantial new businesses, such as newsletters, international editions, conferences and on-line sites.

In the last two years alone, Fortune has re-launched its Asian and European editions, created a Chinese language edition, and originated a pan-regional, local language newspaper supplement, Fortune Americas, with a circulation of 1.25 million. Fortune's U.S. advertising revenues have been bolstered with the publication of two technology buyers' guides and a new small business edition. The conference business is solid, with Fortune having produced over 25 conferences and seminars for business executives in 1997.

New business efforts at Money have focused on newsletters. Retire with Money is now the largest retirement newsletter in the U.S. with a circulation of over 100,000 and Money has become a leading provider of educational materials -- newsletters, and seminar programs -- for the 401-k market and consumers interested in the more sophisticated aspects of finance.

Finally, Your Company, the largest small business magazine in the U.S., published in conjunction with American Express, and currently undergoing an editorial refurbishing, has seen its ad revenues triple in the past three years.

Pepe joined Time Inc. in 1986 as People Magazine's Director of Strategic Planning and Development. He became the magazine's Production Director in 1987, Promotion and Marketing Director in 1988, and was named General Manager of People in 1989. Pepe left People in 1992 to become Vice President, Marketing for Time Inc.

During his career at Time Inc., Pepe has led a number of corporate initiatives in the areas of strategic planning, new media, organizational development and diversity. In 1991, he received Time Inc., President's Award for creating a strategic marketing alliance between Time Warner Inc., Time Inc.'s parent company, and Procter & Gamble.

From 1984 to 1986, before joining Time Inc., Pepe was Vice President of Marketing and later President and Chief Operating Officer of Patient Technology Inc. Earlier in his career, Pepe worked at Procter & Gamble in brand management and at Morgan Stanley & Co., Inc. in corporate finance.

Pepe graduated magna cum laude from the University of Delaware, where he was elected to Phi Beta Kappa. He received an M.B.A. from Harvard University Graduate School of Business Administration. Pepe serves on the Board of Advisors for Clark Atlanta Business School and is a board member of the Our House Foundation.

Pepe is married with three sons.

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