FT ousts president of US operation
NEW YORK - The Financial Times has parted company with the president and managing director of its US operation, Stuart Arnold.
Arnold, who has been with the paper for more than four years, is leaving at the end of the week after what is understood to be a falling out with London over the pink paper's performance in the US.
The Financial Times has invested heavily in the US since Pearson chairwoman Marjorie Scardino relaunched the title there four years ago. The relaunch was backed by an investment of more than £100m in an effort to boost the paper's circulation.
The paper's US circulation has risen, going up from 33,000 to around 150,000, but for its £100m investment Pearson, it seems, was expecting slightly more for its cash.
The FT is still along long way behind the Wall Street Journal in the US, which has a circulation of 1.8m. The FT has always said publicly that it was not out to rival the Journal but to complement it. However, the exit of Arnold indicates that London expects better results and performance for the money it is investing in its US operation.
According to a spokesman for the FT: "We wanted someone who could take it to the next level."
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