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.
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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.