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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Relx PLC    REL   GB00B2B0DG97

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Reed Elsevier Names Centrica's Nick Luff Chief Financial Officer

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01/07/2014 | 08:38am CEST

By Ian Walker

LONDON--Reed Elsevier PLC (>> Reed Elsevier plc), a provider of professional information solutions, said Tuesday it has appointed Centrica PLC's (>> Centrica PLC) Nick Luff as Chief Financial Officer of both the PLC and NV Boards, at a date to be decided.

Mr. Luff, who has been U.K. energy firm Centrica's financial chief since 2007, will replace Duncan Palmer who announced his resignation in September 2013.

Mr. Luff is also a Non-Executive Director of Lloyds Banking Group PLC (>> Lloyds Banking Group PLC). He served as a Non-Executive Director at QinetiQ Group PLC (QQ.LN), the defense, aerospace and security services company, until December 2010, and at Royal P&O Nedlloyd NV from 2003 to 2005.

In its own statement Centrica said a search for Mr. Luff's successor is underway, adding that he will assist in an orderly transition to his successor.

Reed Elsevier PLC shares closed in London Monday at 904 pence, valuing the company at 19 billion pounds ($32 billion). Centrica shares closed at 342 pence, valuing the company at GBP17.4 billion.

-Write to Ian Walker at ian.walker@wsj.com

Corrections and Amplifications

This item was corrected at 08:32 GMT. The original misstated the market values of both Reed Elsevier and Centrica in the final paragraph. Reed Elsevier's combined market capitalization is 19 billion pounds ($32 billion), not GBP10.55 billion, which only reflects the PLC. Centrica's market capitalization is GBP17.4 billion, not GBP1.74 billion.

Stocks mentioned in the article : Reed Elsevier plc, Lloyds Banking Group PLC, Centrica PLC
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EBIT 2017 2 215 M
Net income 2017 1 378 M
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Yield 2017 2,45%
P/E ratio 2017 21,69
P/E ratio 2018 19,86
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Average target price 16,2  GBP
Spread / Average Target 3,8%
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Erik N. Engstrom Chief Executive Officer & Executive Director
Anthony John Habgood Non-Executive Chairman
Nicholas L. Luff Chief Financial Officer & Executive Director
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