Reed Elsevier appoints Ian Smith as chief executive

Anglo-Dutch publisher Reed Elsevier has appointed Ian Smith, the former head of property firm Taylor Woodrow, to succeed outgoing chief executive Sir Crispin Davis.

Smith, 54, left Taylor Woodrow last July after completing the company's merger with builder George Wimpey, and will join Reed Elsevier's board as chief executive designate on January 1.

The 59-year-old Davis, who has run Reed Elsevier since 1999, will retire in March.

Reed Elsevier is selling off its trade magazine division, Reed Business Information, which publishes titles including Variety, New Scientist, Farmers Weekly and Estates Gazette.

The division had initially been valued at as much as £1bn, but the worsening economic situation has reduced the likely asking price and the list of potential buyers.

Last week, it was reported that there are three bidders left in the running.

They are said to be Bain Capital, which has invested in companies including business networking site LinkedIn; a group led by TPG and DLJ Merchant Banking Partners; and a consortium of private equity firms Apollo Management and Zelnick Media.

Reed Elsevier has attempted to sweeten a deal for its trade magazine business by offering a vendor loan to finance the sell-off worth more than $300m (£189m).

Smith will receive a base salary of £900,000 and will take part in the company's bonus and long-term incentive scheme under which, if targets are met, he will receive an additional reward of three times his salary.

"Ian Smith is an outstanding business leader who will build on Reed Elsevier's strong foundations of global leadership positions, a growing digital presence and a dynamic management team," said the Reed Elsevier chairman, Jan Hommen.

Smith has previously been chief executive of General Healthcare Group and logisitics company Exel, as well as European chief executive of strategy consulting firm Monitor.

Last May, Davis engineered Reed Elsevier's exit from the controversial arms trade fair sector, selling its defence exhibitions to Clarion Events.

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