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BREAKING NEWS & VIEWS
Chief Executive of Random House to Step Down
Olson has run Random House for over 10 years and has faced 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. It was not yet clear who will replace Mr. Olson, although these executives said it would not necessarily be a prominent figure from New York publishing, and maybe not even an American. Read the full story at the New York Times. More Breaking News & Views
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