You are viewing your 1 free article this month. Login to read more articles.
Sacking Ian Smith as chief executive of Reed Elsevier last November bought the company some time to sort itself out — but not much, reports the Times.
What is Erik Engstrom, Smith’s replacement, to do? In these cases, the kitchen sink is the favoured option. Engstrom is not ready with a revival plan yet, so painting a bleak picture of the trading environment and writing off lots of goodwill should do the trick.
The nettle he has to grasp is closing down the remnants of business publisher RBI, where trading is in freefall, and selling off its exhibitions arm. It could raise £1.2 billion and it is essential to pay down its £4 billion debt pile.