Reed Elsevier to scrap twin boards
Friday 07 August 1998
Meanwhile, the company hinted that it could abandon its legal structure, in which holding companies quoted in London and Amsterdam hold roughly equal shares in an operating company.
Reed is to scrap its twin board structure where Reed International and Elsevier, the English and Dutch holding companies, each appoint two executives to Reed Elsevier's board. In its place Reed will create a single board.
Morris Tabaksblat, now chairman and chief executive of the Dutch arm of Unilever, the consumer goods group, will take over as chairman after Reed's annual meeting in April next year.
The board will also have one chief executive. However, in a surprise move Nigel Stapleton and Herman Bruggink, Reed's executive co-chairmen, said they would not be putting their names forward for the job.
Mr Stapleton said the decision to stand down had been a personal one. "If one was to put one's name forward one would have to make a commitment for some years going forward," he said, adding that he had spent 12 years at Reed after 18 years with Unilever. He stressed he had not made plans to leave Reed and would be staying until a new chief executive arrived.
Mr Bruggink is believed to have decided that, with a Dutch chairman, Reed's chief executive should be of a different nationality.
Analysts suggested that Mr Bruggink and Mr Stapleton may have fallen out. "I really got the feeling the personal chemistry wasn't great at all," one said. Another predicted that both would leave Reed once the new structure was in place.
But Mr Stapleton strongly denied that there had been any clash between himself and Mr Bruggink. He added that, after a period of intense corporate activity, Reed needed someone with marketing skills to take the business forward.
"There are unlikely to be any more divestments," he said. "It's more a question of building the company and getting the most out of its portfolio."
- 1 Drugs Live cannabis trial: Hash is less harmful than any other drug, expert claims
- 2 What happens to your body when you give up sugar?
- 3 Turkish Airlines flight TK 726 crash-lands on Nepal runway in dense fog
- 4 Have sex with your iPad thanks to the new sex toy no-one asked for
- 5 The 'sex selfie stick' lets you FaceTime the inside of a vagina
Turkish Airlines flight TK 726 crash-lands on Nepal runway in dense fog
George Clooney and Amal fail to get special treatment at New York restaurant
Cindy Crawford 'un-PhotoShopped' viral Marie Claire image was doctored, photographer claims
'A girl is more responsible for rape than a boy': The statement that shocked the world... except India
The 'sex selfie stick' lets you FaceTime the inside of a vagina
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
iJobs Money & Business
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...
£36,000 - £40,000: Christine McCleave: Are you looking for a new opportunity a...
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...