The six-month profits to 2 October of £292.7m, down from £325m a year ago, prompted the company to instigate a management shake-up that will see the number of executives on its board reduced from six to three.
Reed, who has spent 20 years with the company – three as FD – is to stay on until February 2005 to help smooth the transition. The other board members to go are Maurice Helfgott, Mark McKeon and Laurel Powers-Freeling.
The departure of Reed will leave only three female finance directors in the FTSE100, Margaret Ewing at BAA, Helen Weir at Lloyds TSB and Rona Fairhead at Pearson.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements