William L. Davis, the chairman, president and chief executive of
, plans to retire from his posts, but he will remain with the company until his replacement is named.
The board of directors is conducting a search for a successor.
"When I joined R.R. Donnelley in 1997, my personal goal was to lead for a period of five to seven years and retire," Davis said in a press release. "While I will miss being part of the team, I'm eager to begin this new stage of my life."
The printing company also said earnings for 2003 remain on track, and should total $1.25 to $1.40 a share. Donnelley said its profit will likely come in at the lower end of that range, because of continued softness in the markets it serves.
On average, analysts polled by Thomson First Call expect earnings of $1.36 a share for the year.