Erik Engstrom, a well-regarded member of former chief executive Sir Crispin Davis’ core team, now faces the task of restoring relations with shareholders while stepping up the pace of investment in some of Reed’s businesses.

Mr Engstrom’s appointment as chief executive has come as a welcome surprise to analysts, who regard him as an ambitious and energetic personality who has overseen five years of profit growth at Elsevier, the group’s scientific publishing division.