From Time magazine CEO Jessica Sibley:

Today, I am sharing the news that Edward Felsenthal has decided to step down as Editor in Chief. Edward will remain at TIME in his current capacity as Executive Chairman and will become a Contributing Editor. He has led TIME’s global expansion over the last ten years—including six years as Editor in Chief and four years as Editor in Chief and CEO—by producing high-impact, agenda-setting and award-winning journalism while pushing TIME into new editorial verticals including business, health and climate, expanding TIME’s globally-renowned franchises and events with the TIME100 Summit, TIME100 Next and TIME100 Impact Awards and growing TIME’s global audience to more than 105 million, the largest in our history.