Reed Elsevier Concludes Search For Chief Executive

Anglo-Dutch publishing group, Reed Elsevier, has this morning announced the appointment of a new chief executive after an 11 month search. Crispin Davis is to fill the role of chief executive officer from 1 September; he will also become CEO of Reed International and chairman-designate of the executive board of Elsevier NV.

Davis moves to Reed Elsevier from his current role as chief executive of Aegis Group. He joins the company after a rather gloomy period in which a number of profit warnings were issued and two senior directors resigned after the group’s failure to secure a new chief executive (see Sharewatch). Commenting on his appointment, Davis says: “Reed Elsevier is a tremendous business. Despite some recent difficulties, it has a portfolio of excellent brands with strong market positions.”

The City responded to positively to Davis’ appointment, as shares in Reed International had soared by 37˝p to 492žp by 12:30pm today.

Meanwhile, Douglas Flynn, managing director of News International, will move to Aegis to fill the role left by Davis’ departure.

Reed Elsevier: 0171 222 8420