Reed Elsevier, a contributor of online professional business information and information solutions, announced today that chief financial officer Mark Armour will retire at the end of 2012.
The company welcomed Armour, a Cambridge graduate, as deputy chief financial officer in 1995 and later promoted him to chief financial officer in 1996.
Armour said that after 15 years in this position he announced his planned departure in order to give the company sufficient time to appoint his successor. The board has not yet determined who will replace the well-known CFO but has begun the process, stating that they have hired an executive search firm to evaluate potential candidates.
During his time at the company, Armour helped apply a cost-cutting program that permitted Reed Elsevier to sell portions of its trade-publishing unit and allow them to refocus the business on electronic data.
Reed International, a British trade book and magazine publisher, merged with Elsevier, a Dutch science publisher, in autumn of 1992 to form Reed Elsevier.
According to Bloomberg data, Armour owns almost 250,000 shares of the company, making his value at Reed Elsevier around $1.9 million.
