Tim Cohen takes the reins at Financial Mail

Cohen has been part of the editorial leadership at Business Day and Derby the newspaper's markets editor and columnist.

They replace Barney Mthombothi and Max Gebhardt‚ who has been acting FM editor after Mthombothi‚ who resigned in February this year.

Announcing Cohen's appointment on Wednesday‚ Bruce said: "I cannot think of any journalist more deserving of the top job at what is arguably South Africa's most venerable business title. I am confident that he and his team can turn its circulation around and restore the magazine's authority in the wider political economy."

Gebhardt now becomes business affairs editor and senior associate editor of Business Day and the FM‚ "concentrating on what business is thinking and doing as a political and an economic force"‚ Bruce said.

"I want to especially thank‚ again‚ Max Gebhardt for putting his head down and holding the FM together during what I know has been a stressful time‚" he said. "He is made of stern stuff. At the same time I am relieved the search for an editor is over because I don't want to do the newsroom integration‚ nor the appointment of a group executive editor to run the floor‚ on my own."

BDFM is working on ways to integrate the Business Day and FM newsrooms more closely.

Earlier this week‚ Times Media Group reached an agreement with Pearson Overseas Holdings to acquire Pearson's 50% shareholding in BDFM. The deal was struck through its subsidiary Avusa Publishing Proprietary Limited.

Following the implementation of the acquisition‚ Avusa Publishing will BDFM's sole shareholder.