Times chief foreign commentator Bronwen Maddox is leaving the paper to become editor and chief executive of up-market monthly current affairs magazine Prospect.
David Goodhart, who founded the magazine in 1995 and has been editor since then, is to become editor-at-large.
Publisher David Hanger said: "We are delighted to announce that Bronwen Maddox is joining us to take Prospect forward to its next stage.
"She is a brilliant journalist with authority and an international reputation, and also has a strong commercial background. She will expand the magazine's reach and presence with great energy.
"David Goodhart, with immense imagination, intellect and determination, has created and developed Prospect into a powerful magazine with a circulation of 30,400 and a reputation for penetrating, unbiased political analysis and sophisticated cultural coverage."
Jennifer Coombs, whose husband Derek Coombs backed Goodhart in starting Prospect, said: "It is a pivotal moment in our history and a great opportunity to see the magazine move forward and evolve with fresh ideas."
Maddox has been the Times's foreign editor, US editor and Washington bureau chief and before that worked for the FT. Before becoming a journalist she was a director of Kleinwort Benson Securities and a City analyst.
She said: "There is a huge opportunity for a magazine which gives a voice to the argumentative centre-ground, and asks - and answers - the difficult questions of our day. Prospect can do this with lightness, wit, and a sense of cultural reach and vitality. I look forward to developing its range and reach over the coming months."
Prospect is independently owned by Prospect Publishing Ltd and grew its circulation by 10 per cent year on year to 30,480 in the first six months of this year (around 8,500 of which were free distribution copies).