Reader's Digest CEO steps down

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Reader's Digest Association said Chairman and CEO James Schadt resigned. No reason was given. A committee of independent investors will choose his successor; in the meantime, former Chairman-CEO George Grune returns as chairman-CEO. A month ago, Reader's Digest announced its dividends had been halved and forecast disappointing earnings for the fiscal year ending June 30.

Copyright August 1997, Crain Communications Inc.

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