Time Inc. CEO steps down following a 'health incident'

Joe Ripp is out as Time Inc.'s CEO, a post which he held for three years. He's been replaced by Rich Battista, Time Inc's former executive vice president and president of brands, effective immediately.

64-year-old Ripp told CNNMoney that his departure was related to his health.

"Several weeks ago I had a health incident which made me reconsider whether I can really give the 100% of time that I've been giving Time Inc.," he said. He did not elaborate, but confirmed he would remain "actively involved" at Time Inc. in the role of chairman.

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His successor Battista, an industry veteran of over two decades, came to Time Inc. last year from Mandalay Sports Media, where he was the CEO. At Time Inc., Battista had served as EVP and president of brands.

Battista's ascension comes at a time of transition for Time Inc., as it tries to translate its iconic magazine brands into various digital platforms, with mixed success, and lackluster revenue generally.

"During this dynamic time in media, we are transforming Time Inc. to a cross-media company and are uniquely positioned to leverage our brands, scale, data and insights to significantly grow new lines of business in service to advertisers, marketers and consumers," Battista said in a statement.

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