Crispin Davis set to retire as Reed CEO
Publishing giant Reed Elsevier has begun searching for a successor to replace chief executive Sir Crispin Davis –one of the longest serving FTSE 100 bosses– when he steps down next year.
Headhunter Anna Mann has been recruited to find a replacement from a mix of both internal and external candidates.
Davis, who turns 60 this year, joined Reed in 1999 and has been credited with turning around the publisher and spearheading its internet-focused distribution of information, which now account for more than half of its revenues. Davis has a record of producing double-digit earnings growth during his time at the top. No date has been set for his retirement but the company stressed that the search for his replacement is still very much in the early days.
In a statement Reed said: “The board is determined to ensure a smooth and professional succession, as and when the time comes.”
Internal candidates being tipped as potential successors include finance director Mark Armour and Erik Engstrom who runs Elsevier’s science and medical division.
Davis was knighted in 2004 for his services to the information industry. Prior to joining Reed Elsevier he was chief executive of Aegis Group and between 1990 and 1993 was a member of the main board at Guinness and group managing director of United Distillers.
He also spent over 20 years at Procter and Gamble where he held senior positions in the UK and Germany, before heading up the North American food business.
