Elwell, 56, has worked as finance director at Private Eye for over 20 years and has been a key part of the successful management team, says the publisher.
Commentating on his promotion, Elwell said, “I am excited to be taking over as MD, at a great time to be publishing the UK’s best-selling magazine in the news and current affairs sector.”
He added, “Hopefully there is no confusion when I say MD, as I don’t mean replacing our long-standing medical correspondent MD, Dr Phil Hammond!”
Elwell succeeds the long serving Sheila Molnar, 73, who is stepping down as managing director but will remain as a director for the company.
Editor Ian Hislop, 63, said, “I am delighted that Geoff Elwell is to take over from Sheila Molnar.
“There was a big succession battle going on behind the scenes but in the end we couldn’t find anyone called Murdoch to take over so it’s going to be Geoff.”
Keep up-to-date with publishing news: sign up here for InPubWeekly, our free weekly e-newsletter.