He informed Ms. MacBain last week, in person, in London, that his resignation was effective immediately.

The debut issue of LTB Media's 'Culture and Travel' was recently celebrated at Ms. MacBain's Richard Meier penthouse.

Mr. Truman has said he has been talking to finance people and will launch his own media company.

"I came on board a year ago to help Louise out. I thought I'd done everything I could. The magazines' ad pages are up between 20 and 50 percent," Mr. Truman said this morning of his work at LTB Media.

"My interest was in moving on and setting up my own company. I was never going to do it long-term," he said. "The project interested me because I tried so long to get an art magazine at Conde Nast."

"I don't think there's much VC money that would want to back a conventional magazine," Mr. Truman said of his new plans.
—Michael Calderone