In a plot development straight out of the “Mad Men” season finale, Reed Elsevier, the British parent company of Reed Business Information, has lost its CEO after putting most of its U.S. assets for sale earlier this year.
Ian Smith has spent the last year trying to sell off RBI titles such as Mutichannel News, Tradeshow Week, Professional Builder, Broadcasting & Cable and Publishers Weekly, and though Elsevier released a statement saying the split was amicable, it also mentioned that the company was “not immune from late cycle pressures given the subscription nature of much of the revenue.” Sounds like Smith couldn’t save the company enough money to justify keeping him on.
In the interim, Reed Elsevier’s CEO position will be filled by Erik Engstrom, previously CEO of the Elsevier portion of the publishing house.
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