From The New York Times today.
Random House Chief to Step Down, Executives Say
FRANKFURT – Peter W. Olson, the chief executive of Random House and one of the most powerful figures in American book publishing, will step down in the next few weeks, according to two executives at Bertelsmann, the German media conglomerate that owns the division.
Jochen Eckel/Bloomberg News
Above, Peter W. Olson in 2005.
Above, Peter W. Olson in 2005.
Related
A Profile of Peter W. Olson From The Times Magazine (July 20, 2003)
A Profile of Peter W. Olson From The Times Magazine (July 20, 2003)
Mr. Olson, who has run Random House, the world’s largest consumer publisher, since 1998, has come under mounting pressure in recent months as Bertelsmann’s financial results have been damaged by lower profits at Random House and steep losses in its American book clubs, which he also oversees.
Bertelsmann’s recently-appointed chief executive, Hartmut Ostrowski, has lost patience with the performance of this American outpost and wants to install his own person, said these executives, who spoke on condition of anonymity because it involved internal personnel issues.
The terms and exact timing of Mr. Olson’s departure were still under negotiation, these people said. Bertelsmann’s board is scheduled to meet in New York in two weeks; an announcement could come shortly after that. “It’s just a question of working out his deal,” one executive said.
Bertelsmann’s recently-appointed chief executive, Hartmut Ostrowski, has lost patience with the performance of this American outpost and wants to install his own person, said these executives, who spoke on condition of anonymity because it involved internal personnel issues.
The terms and exact timing of Mr. Olson’s departure were still under negotiation, these people said. Bertelsmann’s board is scheduled to meet in New York in two weeks; an announcement could come shortly after that. “It’s just a question of working out his deal,” one executive said.
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