The National Magazine Company announced Candy's resignation today, following a period of maternity leave, and has confirmed that it is seeking a new editor.
Nina Ahmad, currently deputy editor, will remain as acting editor of the title until a replacement is found. Duncan Edwards, managing director of NatMags, said that it would be looking at internal and external candidates.
In her new role, Candy will report to Julie Harris, general manager of Hachette's women's group, which also houses Red magazine.
Candy's career highlights saw her getting a staff job on the Daily Mirror at the age of 22; being one of the very few executives at The Times with no academic qualifications; and she won the British Society of Magazine Editors' Editor of the Year award during her first year at Cosmopolitan.
Prior to editing Cosmopolitan, Candy was features editor for The Times and she has also edited Hachette's B magazine and been an assistant editor of Marie Claire.
Since Bailey left Elle earlier this year to join Harpers Bazaar in New York as deputy editor-in-chief, deputy editor Laurel Ives had been acting editor of Elle in the interim.
According to Harris: "Lorraine will bring flair, energy and experience to the job of editing Elle, she has an exemplary track record of achieving great results in both magazines and newspapers."
Cosmopolitan, the previous frontrunner in the women's glossies before being overtaken by Glamour, slipped back in the latest ABCs to 460,655. Elle's circulation figure was marginally up at 201,309.
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