Pfeffer Leaving Random: Will Help Olson as Advisor
John F. Baker -- 6/22/98
Philip M. Pfeffer, who has been president and chief operating officer of Random House for the past two years, has decided to step down from those positions in early July, as soon as the Bertelsmann purchase is completed.The announcement of Pfeffer's impending departure, which was made by chairman and CEO Alberto Vitale, said that Pfeffer had agreed to remain as advisor to Peter Olson, who will become chairman and CEO of Random House Inc. after the closing of the Bertelsmann acquisition and the merger with Bantam Doubleday Dell. Vitale himself will at that point become chairman of the newly created supervisory board for the combined companies. Vitale said that Pfeffer had made "highly significant contributions" to Random in his time there, particularly in his efforts to improve sales, marketing and fulfillment operations. "Given the changed circumstances of our company and the creation of a new Random House Inc., I respect Phil's decision." Pfeffer told PW, "This was a decision I had to make. I came to Random prepared eventually to succeed Alberto as CEO, and now circumstances have changed." He said he expected that his advisory work with Olson on integrating Random and BDD could last up to a year, and would not discuss plans beyond that. Pfeffer said he had "thoroughly enjoyed" his opportunity to work with "an incredible group of people throughout Random House." Pfeffer, who is 53, joined Random in 1996 from Ingram, where he had been chairman and CEO of Ingram Distribution Group, the parent of Ingram Book Co., as well as executive v-p of Ingram Industries. Back To News---> |
