Todd Larsen, the Dow Jones veteran who joined Time Inc. in 2012 is leaving at the end of the month.

He will exit as executive VP in charge of key titles such as Time, People, Fortune, Sports Illustrated and Entertainment Weekly in the latest shake-up of the publisher's management ranks.

Evelyn Webster, who is in charge of Time Inc.'s fashion/lifestyle brands (InStyle, Real Simple) assumes Larsen's portfolio.

CEO Joe Ripp, via an memo to staffers, said Webster has done a "terrific job."

He's confident that Webster will "maximize our opportunities as we align around one Time Inc."

Ripp credited Larsen with "jump-starting growth of our digital audiences and oversaw our successful launch into video in addition to managing high-profile brands."

Time has projected flat ad revenues in the $3.3B range for 2014, a performance that Ripp has called "disappointing."