Economist editor-in-chief resigns

The editor-in-chief of the news magazine the Economist, Bill Emmott, has resigned after a lengthy tenure in which he oversaw a dramatic surge in the publication's circulation, a spokeswoman said today.

Emmott worked at the Economist since 1980 and took over as editor-in-chief in 1993, when its circulation was just over 500,000. The magazine, 50-per cent owned by UK publisher Pearson, now has a circulation of more than 1 million.

A spokeswoman said Emmott is leaving to write books and "look for new challenges". A successor has not been named.

Emmott is the third high-ranking Economist executive to leave in the past year, following the departures of deputy editor Clive Crook and publisher David Hanger in 2005.

The Economist was started by a Scottish hat maker in 1843 to oppose British taxation of corn imports. About half of its circulation is in North America.

Pearson Chief Executive Marjorie Scardino is a former CEO of the Economist Group, but Pearson does not have a controlling stake in the company. The remaining 50 per cent of shares are held by investors.

- REUTERS