Reader's Digest owner promotes CFO to CEO

[April 26, 2011]  NEW YORK (AP) -- The publisher of Reader's Digest has promoted Chief Financial Officer Tom Williams to CEO, as Mary Berner steps down.

Berner says the replacement of privately held RDA Holding Co.'s board last week provided "a natural point to move on." She had been CEO since 2007.

Williams, 51, is taking over her position on the board as well. He was previously CFO for Affinion Group Inc. and held a series of positions at AT&T Inc. The announcement came Monday.

The circulation of Reader's Digest has declined because of competition from the Internet, but it is still one of the world's most-read magazines. The Reader's Digest Association sought bankruptcy protection in 2009 and emerged early last year after shedding some debt.

[Associated Press]

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