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Reed Elsevier CFO to step down for family reasons

REED ELSEVIER has announced that Duncan Palmer, chief financial officer at the Anglo-Dutch publishing company, is to step down because of unspecified family reasons.

Palmer, who joined the company from US fibreglass company Owens Corning in August last year, will leave his position by September 2014 at the latest. He replaced long-serving finance director Mark Armour.

The company has begun a search for his successor.

Erik Engstrom, chief executive officer of Reed Elsevier, 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. I look forward to continuing to work with him until his successor has been identified. We wish him all the best for the future.”

Duncan Palmer said: “I have enjoyed my time with Reed Elsevier enormously and wish that circumstances were such that I was able to stay with the company. 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.”

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