The Economist taps Tim Pinnegar to lead Asia as ad revenue jumps 21%

The Economist has appointed Tim Pinnegar as managing director for Asia Pacific, as the publisher reports a 21% rise in advertising revenue across the region.

Pinnegar will take responsibility for all business units in Asia, reflecting a broader restructure aimed at giving the region greater autonomy.

The Economist Intelligence Unit will continue to operate under Henry Luk, who remains regional director and group development director.

As part of the changes, Michael Brunt will take on additional responsibility for circulation marketing for CFO magazine alongside his current role as circulation and marketing director of The Economist. Huw Harries has been named publisher of CFO while continuing as regional sales director.

Newly appointed CEO Andrew Rashbass said the group now has a strong leadership team in place to build on recent growth.

“We look forward to building on the excellent results of the last year and to delivering growth by continuing to develop intelligent media brands for the high end audience across the world,” he said.

Pinnegar said the new structure would enable the business to operate more effectively from within the region.

“This will enable us to serve our customers better and quicker and more effectively use our resources,” he said.

“My aim is to double the profit Asia delivers over the next three years and so continue the increasing importance of the region to the worldwide numbers. It's indeed a very exciting time.”

The group reported strong performance across its Asia operations, with advertising revenue up 21% year-on-year. Revenue from CFO rose 8%, while the Economist Intelligence Unit recorded a 30% increase.

Circulation of The Economist in Asia is expected to exceed 130,000 copies for the January to June 2008 audit period.

The company has also expanded its footprint in India, establishing local offices and appointing in-market leadership across both The Economist and the Economist Intelligence Unit.