RH's Engstrom to Join Investment Firm
Jim Milliot -- 2/12/01
Erik Engstrom, who joined Bantam Doubleday Dell in 1991 and was part of a small Bertelsmann team that acquired Random House, will leave Random in early March to become a partner with General Atlantic Partners, a private equity investment firm that focuses on information technology, Internet and telecommunications businesses.
Since the acquisition of Random, Engstrom has been president and chief operating officer of
With his departure, Random will divide Engstrom's duties among Olson, Y.S. Chi and Don Weisberg. Chi, who joined Random last month as executive v-p, chief operating officer North America and president of Random House Asia, will now have direct responsibility for Canada with John Neale, chairman of Random House of Canada, reporting directly to him. Weisberg will continue as president of the Random sales group and will also now oversee the information group plus the audio and diversified group. Weisberg was also named an executive v-p of Random House Inc. Both Chi and Weisberg will now report directly to Olson. Other executives reporting directly to Olson are Richard Sarnoff, president of Random House new media and corporate development and president of Random House Ventures; Steffan Naumann, executive v-p and CFO; Craig Virden, president and publisher of the children's group; and J rg Pjuhl, COO, Random House continental Europe and Latin America.
Olson called Engstrom, who had worked at the consulting firm McKinsey & Co. before joining BDD, a "brilliant quick-study... who has made indelible, incomparable contributions to the success of Random House."
Volume 247 Issue 7 02/12/2001