• by Sara Guaglione , February 15, 2017

Editor of Newsweek Jim Impoco is stepping down after over three years at the helm. He will be succeeded by Matt McAllester, the editor of Newsweek's London-based international operation.

McAllester will take on the new title of global editor in chief and relocate to New York.

Newsweek employees were notified of the shakeup Tuesday morning.

"These moves are the latest in a series of investments we have made in the long-term growth of the business… that are designed to help align our editorial resources under one unified global perspective," wrote Dev Pragad, CEO of Newsweek's parent company, IBT Media, in a staff memo obtained by Politico.

It is unclear whether Impoco resigned or was let go.

Last summer, IBT Media co-founder Etienne Uzac stepped down from his position as CEO and became chairman of the company. Pragad, who at the time was CEO of IBT Media EMEA (Europe, the Middle East and Africa) and worked alongside McAllester, became CEO for IBT Media North America and Newsweek.

A few weeks before Pragad’s promotion, IBT Media underwent a huge round of layoffs of roughly 40 employees at International Business Times and Newsweek.

Additionally, IBT Media announced that it would spin off Newsweek “into a separate operational entity.”

Some sources speculated at the time that the move signaled IBT’s intentions to sell Newsweek.

According to Politico, Pragad suggested in his memo that Newsweek would soon undergo an expansion of some kind.

"Matt and I share the same vision for Newsweek, one that expands our reach and influence and grows our audience across the globe, and will enable us to build upon an already excellent editorial team in both the U.S. and the U.K.,” Pragad wrote.

Impoco oversaw a reboot of Newsweek's print edition when he became editor in 2013, after the magazine was acquired by IBT. Newsweek struggled to make a comeback from major losses, but managed to keep afloat by running a leaner operation.

Impoco, who was well-liked by staffers, has held senior positions at Vocativ, The New York Times, Condé Nast and Reuters.

McAllester was Europe editor for Time magazine before he moved to Newsweek in the summer of 2015.

Last week, IBT Media announced it was launching an events business aimed at addressing issues facing global businesses and consumers, called Newsweek Events.