Reed Elsevier Names Centrica CFO Nick Luff As New Finance Chief

(RTTNews) - Anglo-Dutch publishing and events company Reed Elsevier Plc. (REL.L, RUK, ENL) Tuesday said Nick Luff, currently finance chief of consumer energy group Centrica Plc. (CNA.L), has been appointed as Chief Financial Officer.

Luff has been Centrica's CFO since 2007. Prior to this, he was at P&O, an FTSE 100 logistics and shipping group, as well as its affiliated companies, including P&O Princess Cruises and Royal P&O Nedlloyd.

While at P&O, he worked for 15 years in a variety of senior finance roles, including as CFO of the parent company for seven years.

Reed Elsevier's Chief Executive Erik Engstrom said, "I am pleased to have Nick join the team. His many years of experience as Finance Director of a FTSE 30 company, combined with his involvement in dual UK/US and Netherlands-based listings, make him a great fit for Reed Elsevier."

Luff will take over in 2014 from Duncan Palmer who announced his resignation in September 2013.

Palmer had provided notice of his resignation from the boards of the company, owing to family circumstances. He will leave the business when a hand-over has been completed.

Luff will be appointed to the Boards of Reed Elsevier PLC, Reed Elsevier Group plc and Reed Elsevier N.V. After the approval of shareholders. The effective date of his appointment remains to be confirmed.

Meanwhile, Centrica said Luff, Group Finance Director, would be leaving the company, on a date to be confirmed but no later than December 31, 2014.

The utility said a search for Luff's successor is currently underway. Luff would continue as Group Finance Director, and as a Board member, and would assist with an orderly transition, the firm added.

REL.L is sliding 0.3 percent in early morning trade at 901 pence.

CNA.L is down 1.1 percent at 338.60 pence.