Rick Smith steps down after 24 years as editor of Newsweek. Says his memo: "Tom Ascheim will become Newsweek's new Chief Executive Officer. Tom comes to us from Viacom, where he established a superb track record of building consumer brands, managing interactive start-ups and delivering strong results in both content and commercial terms....while he doesn't have a traditional magazine resume, he's an immensely talented, broad-gauge executive whose experience in building brands and leveraging traditional media assets on the Web will serve Newsweek extremely well." Mmm, language. [Portfolio]