International business daily, the Financial Times, has parted company with editor, Andrew Gowers, over "strategic differences".
The newspaper, owned by publishing group Pearson, has seen domestic sales at full cover price plunge from more than 162,000 in September 2000 to less than 100,000. Gowers has been at the helm since 2001. It has a worldwide circulation of 438,538, according to the Audit Bureau of Circulations.
But advertising revenues have risen 6% in the first nine months of the year from the same period in 2004, and Pearson expects the newspaper to break even this year after a loss of £9 million ($16m; €13m) last year.
The editor's chair will be filled immediately by the paper's US managing editor Lionel Barber.
The departing Gowers, whose resignation came as surprise to staff, says editors are confronted with the problem of having to produce a paper that appeals both to a British audience and to an international one: "It's like riding two horses at once."
He adds: "I'm happy to stand on my record, having grown the paper's reputation around the world and our presence online and having steered the paper through four of the most difficult years in its history."
Pearson ceo Marjorie Scardino declined to comment.
Data sourced from Wall Street Journal Online and The Independent Online; additional content by WARC staff