A changing of the guard is underway at People magazine under its new ownership.

Jess Cagle is stepping down after a five-year run as editor in chief. Taking his place at the publication known for its mix of celebrity news, royal gossip and heartwarming or salacious stories about ordinary Americans will be Dan Wakeford, a 44-year-old from Britain who has been deputy editor since 2015.

Meredith Corporation, which acquired People’s former parent company, Time Inc., more than a year ago, announced the promotion of Mr. Wakeford on Thursday, a day after Mr. Cagle informed his staff about his departure.

“I’ve decided it’s time to do some other things while I’m still young — or at least alive,” Mr. Cagle, 53, wrote in a staff memo on Wednesday. “It’s also time for me to live in Los Angeles full time under the same roof as my husband and dog.”

In addition to his role at People, which is based in New York, Mr. Cagle has served as the editorial director of Meredith’s entertainment group, a job that gave him oversight of Entertainment Weekly and People en Espanol. He will leave that post, too, when his contract is up on March 31.