Ian Smith Resigns As CEO Of Reed Elsevier

LONDON (AP) — Ian Smith has resigned as chief executive of Reed Elsevier PLC by mutual agreement after just eight months in the job, the publishing and information company announced Wednesday.

Erik Engstrom, chief executive of Elsevier, the company's global scientific and medical publishing division, will replace Smith, the company said.

Reed Elsevier shares were down 4.6 percent on the London Stock Exchange.

"Ian has had the difficult task of leading Reed Elsevier during unprecedentedly turbulent economic times. The boards and I would like to thank him for his contribution in this respect and wish him well for the future," said Chairman Anthony Habgood.

In a trading update, Reed Elsevier said its major professional markets "are proving more resilient than most but not immune from late cycle pressure," with advertising and promotional markets under particular pressure.

The company did not release any financial figures.

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