This is a homecoming of sorts for Pearlstine, who served as editor-in-chief of Time Inc. from 1995 through 2005 (after more than two decades with The Wall Street Journal, and a short stint at Forbes). He later moved on to serve as a senior advisor to private equity firm The Carlyle Group (CG), before joining Bloomberg in 2008.

At the time, Bloomberg said of the newly-created CCO role: “Pearlstine is charged with seeking growth opportunities for Bloomberg’s television, radio, magazine, and online products and to make the most of the company’s news operations.”

He is expected to have a similar mandate at Time Inc., which is eliminating its editor-in-chief role. That position has been filled since January by Martha Nelson, who will be leaving the company after more than 20 years (including as founding editor of In Style and editor of a group whose titles included People and Entertainment Weekly).

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One big difference between the CCO and EIC roles will be that individual magazine editors will report directly to division presidents, with a “dotted line” over to Pearlstine. He would have the authority to fire magazine editors, although new hires would need to be approved by both Pearlstine and the division president. Pearlstine will report directly to new Time Inc. CEO Joe Ripp.

No word yet on Bloomberg’s plans to replace Pearlstine, if any. In a statement, Bloomberg CEO Dan Doctoroff said: “Norm has been an invaluable advisor to me and our entire leadership team, helping us successfully relaunch Bloomberg Businessweek and start new lines of business that continue to grow. His impact will last for years to come. We thank him and wish him well.”