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Penguin Random House CEO to quit after merger blocked

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Penguin Random House head Markus Dohle will step down at the end of the year after a U.S. judge blocked a planned $2.2 billion merger of the world's largest publisher and rival Simon & Schuster, the company said in a statement on Friday.

Nihar Malaviya, who is president and chief operating officer of Penguin Random House U.S., will take over as interim CEO from Jan. 1, the company said., expressed full confidence in Malaviya, who he said had a chance of permanently becoming CEO. "We're looking at that over the next year," he told Reuters.

"We will invest several hundred million euros in the acquisition of book publishers worldwide by 2025 as part of our Boost strategy," he said.

 

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What? they had a penguin as a CEO?

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