FT.com is promoting online advertising director Rob Grimshaw to managing director, effectively replacing outgoing managing editor and publisher Ien Cheng. Grimshaw had been involved in developing the new, third-way access model Cheng unveiled in October - a half-way house that gives readers more free articles but which ultimately still requires a paid subscription. FT CEO John Ridding: “We have gained good momentum, with revenues rising by 40 percent over the past year, and traffic increasing by more than 80 percent. Our new access model has proved a successful innovation, delivering more than 400,000 registrants.”

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