Reed Elsevier Says CFO Duncan Palmer Plans To Resign - Update

(RTTNews) - Anglo-Dutch publishing and events company Reed Elsevier Plc (ENL, RUK, REL.L) Wednesday said that its Chief Financial Officer Duncan Palmer has provided notice of his resignation from the boards of the company, owing to family circumstances. The stepping down will be effective as of September 25, 2014, or such earlier date as Reed Elsevier may designate.

The company said its nominations committee has begun its search for the successor.

It was in August last year that Reed Elsevier announced the appointment of Palmer as Chief Financial Officer Designate, who became Chief Financial Officer in November, succeeding Mark Armour after his retirement.

Palmer came to Reed Elsevier from Owens Corning (OC), where he has been CFO for five years. Prior to this, he worked in a number of senior finance roles for Royal Dutch Shell in the UK, the Netherlands and the US..

Duncan Palmer noted, "I am impressed by the quality of the business and the management team and I am confident about its continued success. I will, of course, continue to be fully committed to Reed Elsevier until a successor is in place."

Chief Executive Officer Erik Engstrom said, "Duncan has made an important contribution to the business and I am disappointed that his family circumstances require him to return to the US."

Reed Elsevier, which employs nearly 28,500 people of whom half are in North America, provides professional information solutions. The company is owned equally by two parent companies, Reed Elsevier PLC and Reed Elsevier NV.

In Amsterdam, Reed Elsevier shares are currently trading at 14.91 euros, down 0.15 euros or 1.03 percent.

In London, the shares are currently trading at 842.35 pence, down 7.65 pence or 0.90 percent.