Madeline McIntosh, one of the most powerful figures in American book publishing, is stepping down from her role as chief executive of Penguin Random House U.S., the company announced on Tuesday.
The announcement comes during a time of great turbulence for Penguin Random House, by far the country’s largest book publisher. Markus Dohle, who was the chief executive of Penguin Random House, and McIntosh’s boss, resigned from his position in December.
The company also lost a bid last year to buy Simon & Schuster, a large rival publishing house, a deal the government successfully sued to stop on antitrust grounds. The deal’s collapse cost Penguin Random House a $200 million termination fee, in addition to untold legal costs. Dohle had overseen the attempted acquisition.
McIntosh has been the head of Penguin Random House U.S. since 2018. Before that, she held a variety of roles at the company, which she first joined almost 30 years ago. She also worked briefly at Amazon.
Her departure was first reported in The Wall Street Journal.
In a memo to the company’s staff, McIntosh said she would not leave right away but would work with Nihar Malaviya, the interim chief executive of Penguin Random House, to ensure an orderly transition. She said she had no concrete plans for what to do next.
“I don’t think C.E.O.s should stay in their seats forever,” she wrote in a memo to staff. “Fresh perspectives can be incredibly healthy and helpful for organizations, and so I believe this is not only the best decision for me, but also for PRH.”
Source: | This article originally belongs to Nytimes.com
