City AM editor David Hellier has left the newspaper after nine years to be replaced by the Institute of Directors' head of communications, Christian May.
The newspaper's executive editor, Marc Sidwell, also announced his depature shortly after it emerged that May, 28, was to replace Hellier.
Hellier, who joined the free London daily from The Independent, had been in charge since the departure of Allister Heath to the Telegraph last year.
According to The Guardian, Hellier resigned in a move prompted by City AM’s owners. The Financial Times reported that Hellier was told last week the owners were seeking to replace him.
Sidwell said on Twitter: "It's been a privilege to work with @cityam for the last five years. It's a very special paper and made so by a dedicated, talented team.
"I want to thank the whole @cityam team. Sales, distribution, admin, digital and print, you make the company a remarkable place to work.
"As @cityam turns the page, while I'm sad to be leaving, I wish it well. It is unique and at its best a place I was always proud to work.
"Finally, all the best to @ChristianJMay who is a bold and inspired choice as editor."
The newspaper announced this morning that May would be replacing him after heading up PR for the Insititute of Directors since August 2013.
City AM said in a statement that May "has regularly appeared across domestic and international broadcast platforms, commenting on business and economic developments, and is an experienced newspaper columnist".
According to his LinkedIn page, May previously worked as an account director at Media Intelligence Partners for three years and before that was director of operations at the Young Britons Foundation.
May said: "City A.M. has been a daily read for me since I came to London seven years ago and it has been an essential source of news and comment throughout my time at the Institute of Directors. Few papers can rival City A.M. for its understanding of business, of markets and of life in the capital.
"I am very excited to be leading the paper into its tenth anniversary in September. I shall work tirelessly to repay the trust placed in me by the paper's proprietors and to live up to the high standards set by those who have made the paper what it is. It is a great honour to join as editor, and I look forward to working on such a confident, dynamic and respected title."
Chief executive Jens Torpe said: "As we enter the next decade of City A.M., we are delighted to welcome Christian on board as editor. We were extremely impressed by his work at the IoD and as a contributor for City A.M., and believe he has the energy and vision to build on the paper’s reputation within the business community.”
Hellier was previously business news editor of The Independent and has also worked at the Evening Standard, Daily Express and Sunday Express.
His predecessor, Heath, left the title last March after six years to become deputy editor at the Telegraph.
Hellier, who was Heath’s deputy for eight years, was formally given the editor’s job in October last year.
According to the latest ABC, City AM’s free circulation in April of 108,694. The title claims a monthly website visitor figure of more than 1m.
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