Seeking to increase revenue by building a closer partnership between business and the newsroom, Time Inc. said on Thursday that the editors of its individual magazines would report directly to the company’s business side for the first time in its history, instead of the editor in chief of Time Inc.

The company said it was eliminating the position of editor in chief and instead bringing back Norman Pearlstine, who was editor in chief from 1995 to 2005, to take on a new role as executive vice president and chief of content.

Mr. Pearlstine, 71, is moving from Bloomberg L.P., which he joined in 2008 and where he was also chief content officer.

Time Inc. said that the current editor in chief, Martha Nelson, the first woman to hold that position, would be leaving the company. Ms. Nelson had held the job only since January, though she has been with Time Inc. for 20 years and served as founding editor of InStyle as well as editor of People.