Jim Ledbetter and Apa-risim Ghosh will report to Eric Pooley, editor of TIME Europe, Middle East and Africa.
Pooley, who replaced the husband and wife co-editing team of Ann and Donald Morrison this month, said there were more appointments to come in the next few weeks.
Ledbetter will be responsible for business coverage. Pooley said: 'He understands the European business story. I am looking for someone who is not a traditional buttoned-down business editor but who understands how business stories affect culture. This is not a business section that is as dry as a balance sheet.'
Ghosh is responsible for editing, writing and reporting special projects.
'He understands immigration which is, in Europe, one of the ongoing stories,' Pooley added.
Formerly national editor at TIME's US edition, Pooley said: 'You will see some more hires going forward but not a total restructure of the magazine.
We want to be newsier, more proactive, quicker off the mark. TIME is always marked by authoritative reporting and I want to combine that traditional strength with a more aggressive and sometimes irreverent outlook. I am beefing up some sections and making responsibilities a little clearer.'
Ledbetter was bureau chief for The Industry Standard until 2000, when he launched the European edition of the internet-focused magazine. He was editor-in-chief there until 2001. Before that, Ledbetter was a New York-based media reporter for Village Voice and the New York Observer.
Ghosh joined TIME in 1997 as senior editor in Asia, where he covered politics, war, sport, business and technology. He also wrote a weekly column online at timeasia.com and contributed to business papers in Delhi and Bombay, as well as the Far Eastern Economic Review.
TIME has four regional editions apart from the main US one: EMEA, Asia, South Pacific and Canada.