The current acting editor-in-chief and creative director, Harriet Cole, who has been at Ebony's editorial helm since April 2009, is leaving to "pursue other opportunities."

Linda Johnson-Rice, chairman and CEO of Ebony's parent company, Johnson Publishing Co., and daughter of the magazine's founder, told the Chicago Sun-Times that she has no plans to sell the 65-year-old magazine or its holding company. Rice is mainly concentrating on taking her iconic vehicle to another level with her new hire:

"I have no plans to sell the company. None," Rice said, adding that she cannot say what might happen in the future. "I'm really excited about Amy now. That's my main concentration now. I want [Barnett] to incorporate perspectives from outside editors, contributing editors and from inside our staff. I want her to be a visionary and to make [Ebony] even more contemporary."

Barnett, whose impressive background has gotten her quite a number of nods of approval among those in the industry, was the first African American woman to grab the reins of Teen People and catapult it to new heights by increasing readership with a new redesign. Barnett was also responsible for doubling the circulation of the lifestyle magazine Honey for young urban women of color.

The Brown University graduate has written a book, 'Get Yours: How to Have Everything You Ever Dreamed of and More,' which was nominated for an NAACP Image Award. Barnett's credentials don't stop at magazines and books, though. She has also appeared as a commentator on numerous television news shows and on radio; she does motivational speaking at professional and educational forums and sits on the board of prestigious organizations such as Girls Inc. of New York.

Before agreeing to come on board as Ebony's new editor-in-chief, Barnett was running her own home-based consulting firm.

In an industry in which magazines are struggling and the media report the closing of publications practically every day, does Ebony truly have a fighting chance of surviving? It's no secret that Ebony's advertising pages were down 40 percent from January through October 2009 compared with 2008, and the blogosphere is claiming that iconic magazine has lost touch with today's generation. Can Barnett breathe life into a publication that might be headed down an ill-fated path?

The 40-year-old, who has been credited with resuscitating life into practically lifeless publications, has quite the task in front of her, but it's apparent that she's up for the challenge. Barnett tells the Chicago Sun-Times, "Ebony is such an important and resonant brand for my community. It should be the definitive chronicle of African American achievement."