Fortune runs out as layoffs hit Time Inc.

Long-awaited layoffs arrived at Time Inc. Tuesday, and those near the top were not spared.

At Fortune, three of the four remaining assistant managing editors have been pink-slipped. John Brodie, Brian Dumaine and Eric Gelman are all departing, leaving only Stephanie Mehta, who, according to one insider, is seen as the likely eventual successor to Managing Editor Andy Serwer. A fourth assistant managing editor, Lee Clifford, volunteered for a severance package last week, as did executive editor Steve Koepp.