Random Moves Golden Integration Forward
by Jim Milliot -- Publishers Weekly, 10/1/2001
Random House has begun moving ahead with the integration of Golden Books into its children's book division. Joerg Pfuhl, president of publishing development for Random, is spearheading the consolidation, working with Richard Collins, Golden's chief operating officer; Collins is reporting to Pfuhl. Golden's two other top executives, chairman and president Richard Snyder and chief administrative officer Philip Galanes, have left the company after having their contracts bought out. Under terms of the agreement with the bankruptcy court, Snyder received approximately $8 million and Galanes $2 million. All other Golden employees who may lose their jobs as a result of the merger will have their severance agreements capped at $80,000.
According to a memo from Pfuhl, Random will "maintain Golden Books' distinctive publishing identity" within the children's book division. Pfuhl said Random's goal is to "stabilize and strengthen the great Golden Books brand." Random executives have starting meeting with Golden personnel about how the integration will proceed.
