Random House CEO Peter Olson To Step Down: Sources

New York Times:

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.

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.

Read the whole story: New York Times

Comments

[whatsmyname]

In tough times as the USA, has been in for the past years, readers read and readers buy books and will spend money on a book or two rather than drive to an event or a dinner even. What one of their biggest problems has been (not unlike a few of Buffet's companies) they have allowed their automation answering systems take over and in doing so, literally ignored the wants and needs of the consumer. Marketing 101, teaches if you want to know who your competition is DON'T SERVICE your customers. Instead, just follow them because they will lead you right to your COMPETITION! Simply put Olson, had become so complacent and cavalier. No one needs that in this day and age. Get the light, ok?