UPDATE: Executive editor Edward Felsenthal has also resigned, according to Jeremy Peters of the New York Times.
Ray Chelstowski and Tom Weber are both out as publisher and managing editor of Newsweek, respectively.
News of the change broke on Monday. The New York Times reports that Chelstowski, who was responsible for increasing ad sales, was fired, while Weber resigned. Former CBS Interactive executive Eric Danetz will take over for Chelstowski as senior vice president of sales.
The company's huge management shake-up is a result of poor ad performance, according to the Wall Street Journal's sources. Despite some gains since Newsweek's merger with the Daily Beast last year, the new venture has not done as well as some had hoped -- and still faces an uphill climb.
The first year of the merger has still left Newsweek on unsteady ground.
This most recent shake-up comes just months after the company brought in fresh faces with the merger. Chelstowski served for less than a year, having been named publisher in January. Tom Weber became managing editor in May when he replaced editor Brekke Fletcher, who left after five months.