Richard Stengel, the top editor of Time magazine for the past seven years, is planning to step down as managing editor for a new job at the US Department of State, sources familiar with the situation tell Capital New York & Politico. Stengel’s looming exit is the latest sign of disruption at a venerable publisher that has been grappling with leadership changes & financial hardships. Stengel succeeds Tara Sonenshine, who held the post with Secretaries of State Hillary Rodham Clinton & John Kerry before leaving in July. Before that, the position was occupied by Judith A. McHale, a former chief executive of Discovery Communications, who worked under Clinton & left the position in 2011. Nancy Gibbs, Time’s deputy managing editor, is expected to succeed Stengel.