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Ian Smith, the chief executive of business publisher Reed Elsevier, has resigned
Ian Smith, the chief executive of business publisher Reed Elsevier, has resigned with immediate effect after little more than eight months in the post.

Reed Elsevier, publisher titles including Variety and New Scientist, made an announcement to the City this morning that Smith resigned with mutual agreement and has stepped down today from the company's board.
 
Elsevier chief executive Erik Engstrom has been appointed as his replacement.

In a short message of appreciation chairman Anthony Habgood thanked Smith and said he'd been charged with the difficult task of leading Reed Elsevier during unprecedented turbulent economic times. A company spokesman told Reuters that Smith had been the wrong man for the current economic climate

The spokesman said: Ian and the board decided it wasn't the right role for him in the current economic circumstances. Erik has proven sector experience. There is no disagreement on strategy.

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