Penguin Random House CEO Markus Dohle resigns after failed merger

The CEO of Penguin Random Home, the world’s largest commerce writer, is stepping down weeks after its try to purchase rival Simon & Schuster was blocked by a federal court docket.

Markus Dohle’s determination is efficient on the finish of the yr. He might be changed quickly by Nihar Malaviya, 48, at present president and COO of Penguin Random Home.

“Following the antitrust determination within the U.S. in opposition to the merger of Penguin Random Home and Simon & Schuster, I’ve determined, after practically 15 years on the Govt Board of Bertelsmann and on the helm of our world publishing enterprise, at hand over the subsequent chapter of Penguin Random Home to new management,” Dohle, 54, stated a press release launched Friday by father or mother firm Bertelsmann, the German conglomerate.

Dohle can be leaving his seat on the Bertelsmann govt board. His departure was made at “his personal request and on one of the best of mutual phrases,” in accordance with the Bertelsmann announcement.

Dohle was named CEO when Penguin Random Home was nonetheless Random Home and presided over an period of huge development, notably the merger in 2012-13 with Penguin that made the brand new firm the trade’s unchallenged market chief. However the failed buy of Simon & Schuster proved a humiliation to Dohle, who had strongly pushed for the $2.2 billion deal.

After a dramatic trial this summer season that included testimony from bestselling writer Stephen King, who opposed the $2.2 billion merger, a federal decide blocked the deal in November.

Simon & Schuster’s father or mother firm, Paramount International, stated it nonetheless intends to sell the publishing home. Paramount can be the father or mother firm of CBS Information.

“We remorse Markus Dohle’s determination to depart Bertelsmann and Penguin Random Home,” Christopher Mohn, chair of Bertelsmann’s supervisory board, stated in a press release. “He has sustainably centered Penguin Random Home on development and profitability. Below his management, our e-book division greater than doubled its revenues and quintupled its revenue. The truth that our world e-book publishing group is in such a powerful place right this moment is basically because of Markus Dohle.”

Dohle’s contract had been set to run out in December 2025.

CBS Information’ Irina Ivanova contributed reporting.