Word out of Time Inc. land is that Eric Pooley has been replaced as managing editor of Fortune by Editor at Large and CNN contributor Andy Serwer, reported by Valleywag and Romenesko and shocking anyone with a stake in the matter, apparently — an inside source dismisses his work as "stock chit-chat stuff, pretty shallow."

The internal email, which mentions Poole's next gig as "an assignment that plays to his strengths in investigative journalism", after the jump.

October 31, 2006 To: Time Inc. Staff

From: John Huey

Re: Staff Announcement

I am pleased to announce the appointment of Andy Serwer as managing editor of FORTUNE.

We all know that the world of business journalism has increasingly become a multi-media proposition, involving not only the magazine but its brand representations on the internet, on television and radio, wherever the reader wants his or her information. And no one is more qualified to lead FORTUNE on those multiple fields of battle than Andy.

He joined FORTUNE in 1985 as an intern from the Columbia Journalism School, and went on to become one of its most insightful, popular and productive writers. His work has ranged from his provocative column in every issue to major cover stories on everything from the young Michael Dell to Michael Price ("The Toughest S.O.B. on Wall Street") to the business of the Rolling Stones to the first look inside the financial and philanthropic workings of America's richest family, the Waltons.

Andy became one of our first internet stars nine years ago with his popular Street Life column. And in his spare time, Andy has also been the very successful business anchor of CNN's American Morning news show. He will continue to have an on air presence on CNN. No matter what project Andy takes on, he handles it with intelligence, wit and energy.

It is also safe to say that no journalist knows today's business story better than Andy Serwer. I am confident that he will bring his knowledge of both the story and the multimedia landscape to the helm of FORTUNE in exciting ways that will work to its great advantage in the future.

Andy is lucky to succeed Eric Pooley, who came to FORTUNE because of his very strong journalistic skills and storytelling abilities. He has delivered on those strengths in ways that have greatly enhanced the magazine and positioned it well for the future. He has made excellent hires, sharpened the magazine's coverage, updated its design, created new departments and lively new franchise issues, and shepherded great investigative tales, including the current cover story on the high drama behind Milberg Weiss's legal nightmare.

Eric, who previously edited Time Europe and before that was Chief Political Correspondent and Nation Editor of Time, is leaving FORTUNE and will be working with me and Jim Kelly on an assignment that plays to his strengths in investigative journalism.

Please join me in wishing both Eric and Andy well.

J. H.

Scoop: Fortune Magazine taps new managing editor [Valleywag]