Time editor Rick Stengel just announced that he’s promoting international editor Michael Elliott and writer/essayist Nancy Gibbs to the top positions under him. According to Keith Kelly, just below them is a new layer of young editors, Radhika Jones and Jim Frederick. Romesh Ratnesar, who many staffers thought was being groomed for the top spot at Time, just left the deputy managing editor spot to be filled by Elliot and will from now on only serve as a writer. (Josh Tyrangiel, the other Time big that staffers saw as top masthead material, just recently left to remake Business Week.) While Gibbs and Elliott are Time vets, only Elliott has handled this kind of editorial responsibility before. With young, fresh deputies, this must be at least slightly daunting for the pair — especially considering the fact that Rick Stengel’s new book Mandela’s Way, the promotion of which will surely be a distraction, hits stands at the end of this month.