Time-Life Books Inc., the nation's largest direct-mail marketer of books, has announced a restructuring of the Alexandria firm's management following the resignation of its president, William J. Henry.

Henry, the mastermind behind the revamping of the company's book development and marketing strategy, said he was leaving the company for personal reasons and has not decided what he will do next.

"This is the most amicable of partings," said Reginald Brack Jr., chairman and chief executive officer of Time-Life Books, "and he leaves with my friendship and admiration."

For the next three months, at least, Henry will work for Time Inc., Time-Life's parent company, on special projects developing new business in the publishing area, according to Brack, who is also a Time Inc. group vice president. Brack declined to be more specific about those projects.

A former director of mail-order marketing for L. L. Bean Inc., Henry joined Time-Life in 1983 and made "an immense contribution" to the recovery the Time Inc. subsidiary has made from its losses in the early 1980s, Brack said.

Brack said that, after losing "an enormous amount of money," the book division was "back in the black" in 1984 and that the first nine months of 1985 showed an increase in net profits of more than 30 percent. Next year, he added, should be even better for Time-Life Books, which, with $260 million in revenue, is the largest component of Time Inc.'s Books and Information Services group.

Time-Life credits three measures with stemming the tide of red ink: cutting its overseas operations in Mexico and Japan, eliminating about 200 positions at its Alexandria headquarters and, under Henry's guidance, developing a new product strategy that relies more heavily on marketing research.

Under the reorganization of responsibilities that follows Henry's departure, Brack will assume the additional title of president, although he will delegate most of that office's responsibilities to his deputies, John Fahey and Christopher Linen.

Newly named executive vice presidents, Fahey and Linen will assume responsibility for the daily operations of the company, while Brack continues to monitor "long-term major strategic issues," spending 50 percent of his time at Time Inc. headquarters in New York, Brack said.

A 10-year veteran of Time Inc., most recently as vice president and chief financial officer, Fahey will oversee finance, Time-Life Music and the international segment of Time-Life Books, which accounted for much of the book division's losses in the early 1980s. Also, James L. Mercer, promoted from vice president to senior vice president in charge of international operations, will report to Fahey.

Linen, an 11-year veteran with experience in the international side of the business, will move to the marketing side, assuming responsibility for new product development and the marketing programs begun by Henry. BANKING, FINANCIAL SERVICES

Baltimore Federal Financial FSA, a $1.6 billion Baltimore financial institution, has named Edmund J. Fick chief financial officer and executive vice president of the financial administration group. Fick, formerly with Baltimore's Easco Corp. as chief financial officer, will be responsible for corporate finance, financial management and administration.

Home Federal Savings & Loan Association has elected Richard D. Corrigan, Patricia J. Harron and James E. Stout senior vice presidents of the Washington financial institution. Corrigan currently oversees loan operations; Harron will continue to head financial operations; and Stout will remain responsible for savings operations.

Reutemann Wagner Bowers Day King & Associates has elected Ilene B. Morris and Phillip E. Barnard Jr. as associates of the Bethesda financial planning firm. In addition, Kenneth E. Callow has been promoted to vice president of administration. COMPUTERS

Dynatech Data Systems Inc., a high-tech data communications company, has named as its president Nat Kumar, replacing Jesse F. Lancaster, who retired in July. Kumar, formerly vice president for engineering of the Springfield firm, has led the company's entry into two of its most important current markets: electronic switching and measurement equipment.

ESI Services Inc. has appointed Eileen Ward president of the Fairfax computer research consulting firm. Ward has held senior research posts with Honeywell Information Systems, Sperry Corp., and Arthur D. Little Inc.

Computer Academics Inc., a computer training and consulting firm for business and government clients, has opened its doors in Washington, naming Barry H. Gross as its president and chief operating officer. Gross, who has held posts with Honeywell, Univac and Control Data Corp., was recently with the board of governors of the Federal Reserve System. COMMUNICATIONS

Contel Federal Systems Sector has added a third division to serve the communications and computer needs of foreign governments. The Fairfax subsidiary named James Cochenour president of its new International division and Leonard Deerkoski president of the Spacecom division. Michael Muntner will continue as president of the Government Systems division.

Veteran public-relations executive Herbert E. Hetu has been named senior vice president and general manager of the Carl Byoir & Associates Inc.'s Washington office. Hetu has served as director of public affairs for the Central Intelligence Agency and, most recently, president of Hetu & Lukstat Inc., a public-relations subsidiary of Hill & Knowlton Inc. RETAIL, WHOLESALE TRADE

John Alafoginis, after 40 years as president and a director of Bay State Beef Co. Inc., has retired, turning over control of the Washington meat distributor to the next generation. Peter Alafoginis, John's nephew and the son of Bay State founder George Alafoginis, will succeed his uncle as president and chief executive officer. Arthur Alafoginis, Peter's brother, will be vice president. MANUFACTURING

Bendix Field Engineering Corp., a Columbia aerospace subsidiary of the conglomerate Allied-Signal Inc., has announced a series of recent senior appointments: Anthony R. Willoughby, formerly assistant controller, has been named vice president and controller, succeeding Jerome P. Mead, who will retire after 34 years with the company. Cramer D. Bacque, previously a marketing manager with the Bendix communications division, has been appointed vice president for marketing. And Anthony J. Begenwald, recently program administrator, has been named director of administration. PROFESSIONAL SERVICES

The Pace Group, a McLean architectural and interior design firm, has appointed Hope B. Page to the new post of director of marketing. Page, formerly sales director at the Washington Business Journal, will oversee advertising, public relations and new business development