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The troubled publisher has seconded Hipkiss, currently trading director at Emap Advertising, for an initial six months, with a brief to shave millions of pounds off procurement costs across the group.
He will also have a role in negotiating acquisitions, for which the group has earmarked a substantial sum of money.
His appointment is the latest stage in an ongoing reorganisation of the company, recommended by Boston Consulting Group. A total of 175 jobs were cut in the company's consumer publishing arm earlier this year as a result of the same review.
Emap is also looking for a chief executive following Tom Moloney's resignation last month.
Hipkiss told Media Week he would be looking to save money in areas of procurement such as travel, marketing, recruitment and IT, and more specialist areas such as covermounts for the company's magazines.
He said: "Emap has tended to buy businesses and let them run on their own with their own management and suppliers. Boston Consulting Group has highlighted the scope and scale of where we could obtain better value from working in a more coordinated way."
Emap has set cost savings targets for Hipkiss to meet in the initial six months. He declined to name the targets, but confirmed they were in the "millions of pounds".
"We're not looking at saving ten or twenty grand - it's substantial savings," he added.
Depending on the results of Hipkiss' work, Emap may recruit a permanent procurement team.
"A lot of media companies are going to have to look at this more and more," he said. "It's one of the things media companies have been slow to pick up on, but a lot of our clients have been working like this for a number of years."
In his new role, Hipkiss will report to director of finance operations Jimmy Weir. He will continue to be involved with Emap Advertising, advising on key deals.
John Judge, head of radio trading, and Mark Hassall, agency director, who used to report to Hipkiss, will now report to broadcast sales director Karen Stacey. Richard Hayes, head of magazine trading, and his team will report to magazine sales director Jason Trout.