Economist editor-in-chief Emmott resigns
Mon Feb 20, 2006 6:50 PM GMT
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By Adam Pasick
LONDON (Reuters) - Economist editor-in-chief Bill Emmott said on Monday he would step down after a 13-year stint in which he oversaw a dramatic surge in the news weekly's circulation and built an impressive U.S. subscriber base.
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-percent owned by publisher Pearson, now has a circulation of more than 1 million.
Analysts lauded his ability to broaden the appeal of the Economist -- founded by a Scottish hat maker in 1843 to oppose British taxation of corn imports -- while maintaining its high-minded tone.
"I'd like to be remembered as an editor who turned the Economist into a truly global publication," Emmott said in an interview on Monday. "We've moved from being a relatively small publication to something with real scale."
His tenure -- which included a full-colour redesign and a high-profile row with Italian Prime Minister Silvio Berlusconi -- saw the Economist become a showcase for weekly analysis amid a world of overwhelming and instant access to information.
"People are surrounded by information, they have better and more immediate access, and that puts a premium on analysis," he said.
About half of the Economist's subscriber base is now in North America, where it takes on U.S. newsweeklies such as Time, Newsweek and U.S. World and News Report.
"Emmott's magic has been to have a clear understanding of the potential readers in the United States and find a way to speak to them through the pages of the magazine," said Peter Kreisky, chairman of Kreisky Media Consultancy. "He's made it accessible to a much broader audience, a much deeper vein."
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. Emmott's successor will be chosen by the group's board of directors, subject to approval by four independent trustees.
After working at the Economist for virtually all of his adult life, the outgoing editor said he will devote his time to writing, starting with a book on competition and hostility between China and Japan.
But he does not expect a glowing review in the Economist, at least as long as his replacement maintains his ban on reviews of books by staff writers.
"I'm a victim of my own rule," he said.
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