Reed Elsevier chief quits

New Scientist and Variety publisher Reed Elsevier’s share price has taken another hit – down 3% today – on news that its chief executive is parting company. The Telegraph says Ian Smith’s ‘shock departure’ was down to a lack of experience of the media industry during a recession.

The publisher’s shares are down 11% over the year, while rival Pearson’s have risen 40% in the same time.