NEW YORK (AP) — The CEO of Penguin Random House, the world's largest trade publisher, is stepping down. Markus Dohle's decision, effective at the end of the year, comes just weeks after a federal judge blocked the company's attempt to buy rival Simon & Schuster.
“I’ve partnered with many of you across functions and various countries, and I’ve experienced firsthand the abundance of talent that we have in our community,” Malaviya wrote in a company memo shared with The Associated Press. “It is an incredible honor for me to lead the premier publishing company in the world, and I look forward to working with even more of you to build on the energy and dynamic culture we have collectively created.
A native of Arnsberg, Germany, Dohle had worked in Bertelsmann’s printing and services division before succeeding Peter Olson as Random House CEO in 2008, a time when the company’s sales were dropping. He presided over an era of enormous growth, notably the 2012-13 merger with Penguin, and such blockbuster successes as Michelle Obama’s “Becoming” and Delia Owens’ “Where the Crawdads Sing.
“We regret Markus Dohle’s decision to leave Bertelsmann and Penguin Random House,” Christopher Mohn, chair of Bertelsmann’s supervisory board, said in a statement. “He has sustainably focused Penguin Random House on growth and profitability. Under his leadership, our book division more than doubled its revenues and quintupled its profit. The fact that our global book publishing group is in such a strong position today is largely thanks to Markus Dohle.”A DOJ attorney for the Apple case, John R.
The trial was widely seen as going badly for the defendants, with Judge Florence Y. Pan openly skeptical of Penguin Random House’s insistence that the merger would not unduly alter the publishing market.
Pan ruled in the government’s favor in late October and soon after Simon & Schuster’s owner, Paramount Global, announced it was calling off the $2.2 billion deal. As part of the initial agreement, Penguin Random House paid Paramount $200 million because the merger fell through.
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