IHS CEO Scott Key Resigns, Chairman Jerre Stead Succeeds

(RTTNews) - IHS Inc (IHS), a provider of information and analytics solutions, on Tuesday said that Scott Key has resigned as its president and CEO as well as from its board. As a replacement, the company said it has appointed Chairman Jerre Stead as CEO, effective immediately.

Stead is the former CEO who became executive chairman two years ago upon Key's appointment.

IHS said it would also begin the process of considering future CEO candidates in due course.

"We have mutually agreed with Scott that it would be in the best interest of IHS to end our relationship," Stead said. "This careful and deliberated decision was not precipitated by any business issues, but was personal in nature."

"The company is in very good shape," Stead said. "Despite the current pressure from depressed energy markets, we have not deviated from the execution of our long-term strategy and we're extremely well-positioned for the future."

For the year ending November 2015, IHS continues to expect adjusted earnings of $5.77 to $5.97 per share on revenues of $2.27 billion to $2.31 billion.

Analysts currently expect the company to earn $5.85 per share on revenue of $2.28 billion for 2015. Analysts' estimates typically exclude special items.