Time chief executive says no layoffs or sell-offs in 2011

Griffin said they had a strong year, and that he expected to do better next year

Time Inc's new chief executive Jack Griffin has assured his 8,000 employees that there will be no end of the year layoffs and the media conglomerate is not planning to sell any of the magazine divisions at home or abroad.

Griffin also quelled rumours that the British IPC division or some other units will be sold off and instead said they had a strong year, adding that he expected IPC to do better next year.

"We're doing well over $600m in revenues internationally and we're going to seek to build on it," Griffin told the NYPost.

The CEO, who has been at the helm of Time Inc since the end of September, asserted that there will be no reduction in the workforce and that all employees will be retained for 2011.

Since taking over as chief executive from Ann Moore, Griffin has made a number of significant moves. He created the new posts of chief marketing officer and chief revenue officer for the first time in the company, promoting Stephanie George and Paul Caine to these posts.

Earlier, Martha Nelson was named editorial director at Time Inc, thus promoting her to the second highest executive position at the company.