Reed Elsevier says CEO Ian Smith has resigned "by mutual agreement," and tapped Erik Engstrom to replace him. Smith had only held the post for eight months. Reed, an Anglo-Dutch company that publishes
Variety and
B&C in the U.S., has had a tough year. For the first half of 2009, net profit fell 50% and organic revenue rose just 3%. Engstrom has been CEO of Elsevier, the company's
scientific unit.
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