Science and business publisher Reed Elsevier (NYSE: RUK) has announced who will lead the company following CEO Sir Crispin Davis’ planned retirement. Ian Smith starts as CEO-designate on January 1 until Davis finally leaves in March after nine years in charge. Smith comes with chief executive pedigree - he was formerly CEO of building group Taylor Woodrow and General Healthcare Group. He will get a £900,000 annual salary but, as the release says, through the company’s incentive and bonus scheme he could get an extra sum worth three times his salary - £3.6 million overall.

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At the top of his bulging in-box will be the sale of Reed’s B2B division, the New Scientist and Farmers Weekly publisher Reed Business Information, which has been hit by the loss of confidence among lending banks. Reed had offered to put in as much as $330 million (£200 million) to make the deal – and is willing to offer even more according to some sources. Last week, former RBI US CEO Jim Casella told our Future of Business Conference the unit should be split up and the price lowered. Release.