In his first year-end letter to employees since being appointed permanent CEO of Penguin Random House’s worldwide business, Nihar Malaviya thanked the staff for its efforts in a year of many changes fro the company—some of which, Malaviya acknowledged, “have been very difficult and challenging.” Throughout it all, he wrote, “you balanced implementing these changes with care while continuing to focus on our authors and publishing their books so well."

Among the challenges PRH faced this past year were the departures of a number of high-ranking executives, including PRH US CEO Madeline McIntosh, the formation of a new management board, layoffs, and a voluntary separation offer that saw many veteran PRH staff members leave the company. (The final day at PRH for all employees who took the VSO is tomorrow.)

Despite the changes at PRH and a generally soft publishing market, Malaviya reported that PRH sold more books in 2023 than in 2022, and that its revenue rose as well. Among the successes Malaviya pointed to were the global blockbuster sales of Spare and the expansion of PRH’s audiobook list.

“Next year, our strategy is clear: we will continue to focus on empowering our publishing teams to pursue acquiring and publishing the books that are right for them,” Malaviya wrote. “We will continue to invest in enhancing our marketing, sales, supply chain, and data and tech capabilities to navigate an ever-changing marketplace. And, most important, we will continue to support all of you to do the best that we can to bring more of our authors’ ideas and books to our readers, especially in these volatile times in the world.”

He added: “Thank you, not only for bringing information, entertainment, and joy to millions of readers and listeners around the world but for being creative and kind. I am proud to be your colleague.”