Former Reed Elsevier chief gets

<p>Former Reed Elsevier chief executive Ian Smith was paid &pound;2.2m over the 10 months he was with the group, according to its annual report and accounts. The figure included &pound;733,000 for losing his job, a &pound;428,000 bonus, &pound;233,000 paid in lieu of pension, and &pound;42,000 for holiday not taken. Smith left the company &quot;by mutual consent&quot; in November.<br /><br />Smith&#39;s successor Erik Engstrom earned &pound;1.9m including an &pound;844,000 bonus. Smith&#39;s predecessor Sir Crispin Davis made &pound;765,000 despite leaving the company in March 2009.</p><p>The appointment of Smith, the former chief executive of the housebuilder Taylor Woodrow back in November 2008, was questioned by analysts, because he was a unfamiliar with publishing. Smith joined Reed in January as c.e.o. designate, and took over from the well regarded Davis in March. He was widely criticised when he left for Reed&#39;s underperforming share price. But since Engstrom took over Reed&#39;s share price has risen just 3%.<br /><br />The board level movements meant Reed&#39;s top executive were paid &pound;7.5m in total, up from last year&#39;s &pound;6m. Overall wage costs at the group rose from &pound;1.4bn to &pound;1.6bn. The accounts also show that Reed shed some 1,500 staff over the year, with the bulk of these reductions at Reed Business Information, the magazine division that includes <em>Publishers Weekly</em> and <em>Variety</em>, which lost 1,300 employees.</p>