The Reader's Digest Association said yesterday that chairman/CEO Thomas O. Ryder will retire as chief executive effective Jan. 1 but will stay on as chairman through the end of 2006 to facilitate the transition.
Stepping into the president/CEO role Jan. 1 is Eric W. Schrier, who currently serves as global editor-in-chief and president of Reader's Digest North America.
Also Jan. 1, Reader's Digest International president Thomas D. Gardner will assume the newly created position of executive vice president, reporting to Schrier while continuing his present duties as well.
Ryder joined Reader's Digest in 1998, coming from an executive position at American Express. He led the company through many changes including the revamp of Reader's Digest magazine and the decline in business due to tough sweepstakes regulations in 2001; the acquisition of Reiman Publications in 2002; a restructuring beginning in 2003 and several product launches in 2005.
Kristen Bremner covers list news, insert media, privacy and fundraising for DM News and DMNews.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters