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New York (dpa) - Reader's Digest, the top-circulation U.S. magazine, named editor-in-chief Eric Schrier on Monday to become the company's chief executive at the start of next year.
Schrier, 53, joined the company in 1998 and stabilized its finances at a time of tough competition from other publications. He will succeed Thomas O. Ryder, who is retiring in January.
Thomas D. Gardner will remain head of the company's international operations and take over the newly created post of executive vice president, Reader's Digest said.
The news buoyed Reader's Digest shares, which traded at 15.25 dollars Monday morning - up 1 per cent from Friday's close but below the company's 52-week high of 18 dollars.
Copyright 2005 dpa Deutsche Presse-Agentur GmbH
