London—Reed Elsevier, parent company of Reed Business Information, announced Wednesday that CEO Ian Smith has resigned “by mutual agreement.” Erik Engstrom, CEO of Elsevier, has succeeded Smith as CEO of Reed Elsevier.
“Ian has had the difficult task of leading Reed Elsevier during unprecedentedly turbulent economic times,” Anthony Habgood, Reed Elsevier chairman, said in a statement.
The CEO changeover was announced the same day the company provided an update on its financial performance.
“The major professional markets, accounting for the majority of Reed Elsevier's business, are proving more resilient than most, but not immune from late-cycle pressures given the subscription nature of much of the revenue. Advertising and promotion markets remain particularly impacted by global recession,” the company said in a news release.
Reed Elsevier said its Reed Business Information unit, which publishes Variety and operates Reed Construction Data, “continues to face difficult trading conditions, particularly in advertising markets.”
Regarding its announced plans to sell most of its controlled-circulation magazines in the U.S., Reed Elsevier said the divestment “is in progress.”
The company also said Reed Exhibitions is seeing “overall revenue declines against a record year in 2008.”
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