Reed Elsevier names Duncan Palmer as new CFO
Palmer previously worked at Royal Dutch Shell in the UK, the Netherlands and the US
Reed Elsevier named Duncan Palmer as its new chief financial officer replacing long-standing CFO Mark Armour, who is retiring at the end of the year, the Anglo-Dutch publisher said on Thursday.
Palmer, from Fortune 500 US company Owens Corning, will join Reed Elsevier as CFO designate at the end of August and will become CFO in November.
The new CFO, who hold dual US and UK citizenship, previously worked in a number of senior finance roles for Royal Dutch Shell in the UK, the Netherlands and the US.
Last year two of the publishing group’s top 10 shareholders said they wanted a new finance leader to give the group the fresh impetus needed to improve its lacklustre performance.
Armour, who was CFO at Reed Elsevier for 16 years, joined the board of the UK’s governance regulator this year as the Financial Reporting Council undergoes far-reaching reforms to strengthen its voice in international debates.
Of Palmer’s appointment, chief executive Erik Engstrom said: “His enormous breadth of global business experience, gained while living in our three largest office locations, makes him uniquely qualified for the CFO role at Reed Elsevier.’’
Palmer will be appointed to the boards of Reed Elsevier plc and Reed Elsevier Group plc with effect from 25 September 2012, and to the board of Reed Elsevier N.V. subject to the approval of shareholders at an extraordinary general meeting to be held in early November, the company said in a statement.
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