In another step in the integration of Penguin and Random House, the company has completed the buyout process of eligible members within the PRH sales group.
The publisher initiated the buyout offer earlier this year after a number of longtime salespeople expressed an interest in retiring by the end of 2014. According to a PRH spokesperson, since the integration of the sales forces will take months, the leadership of the sales group wanted to have retirement decisions implemented on a schedule that allows them to plan for training and other integration issues in a structured way.
Decisions regarding buyouts were completed at the end of the summer and the transition of responsibilities is underway. PRH provided no details on the number of employees who participated in the buyout, which was limited to the sales group. One rep who took the offer, however, was Ron Koltnow, PW's Rep of the Year in 2010.