OLD Media Moves

Buyout volunteers looked for at Fortune, Money magazines

November 11, 2008

Peter Kafka of All Things Digital writes about how Fortune and Money magazines are looking for volunteers for its buyout program to reduce their staffs.

Kafka writes that Fortune managine editor Andy Serwer is looking for about a dozen volunteers. He did not have specific details about how many positions Money is looking to cut.

In a memo to the staff, Serwer wrote, “Unfortunately, we will need to reduce staff at Fortune in the writer-editor, writer-reporter, designer, editorial assistant and copy coordinator Guild categories, and we are asking for a number of volunteers to leave the company with a severance package.Â

“If you are interested in confidentially exploring this option, please contact Dawn Dunlop in HR at [redacted] or Edith Fried at [redacted] by Friday, November 21, 2008. If we do not have enough volunteers, we will need to begin a process of involuntary layoffs. For your reference, the Company’s severance formula is in the Guild contract and is also posted on Time Traveler.”

Read more here.

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