Reader's Digest lets go of Veronese

Sources suggest that more senior-level executives in the company's Asia office will be facing the axe in the next few weeks, though the publisher declined to comment on any moves other than Veronese's.

In a statement released exclusively to Media, a Reader's Digest Asia spokesperson said: "Like all businesses, we are operating in an extraordinarily weak global economy. As a result of market conditions, Oscar Veronese's position of director, custom projects, has been made redundant. He joined us in January 2008. There are currently no plans for a replacement. As of now, there are no other changes."

Prior to joining Reader's Digest Veronese was the vice-president of advertising sales at MTV Asia. He has also worked with Time Inc in various sales positions in Europe, Asia and Australia.

Oscar Veronese, when contacted by Media, said: "My time at Reader's Digest was extremely enjoyable. It's a massive brand with extensive content and database, which when it develops its digital capabilities could be a veritable goldmine. We all are aware of the economic situation. My experience in print, TV and digital has opened many opportunities and I am having a number of conversations."

Last month Reader's Digest announced that it would lay off close to 300 people, about eight per cent of its work force. The company said it was eliminating the equivalent of 280 full-time jobs, out of 3,500 worldwide and also trimming all its operations in 79 countries.

Veronese's role changed twice since joining Reader's Digest in January 2008. He was initially an ad sales consultant, then became acting ad sales director, before becoming director of custom projects.