Houghton Mifflin Harcourt ceo Barry O’Callaghan resigned from the company today, though he will remain as a senior advisor. Current cfo Michael Muldowney will serve as interim ceo until a replacement is found. The news comes just a year after the once heavily-leveraged publisher significantly reduced more than $7 billion of debt taken on to acquire first Houghton Mifflin and then Harcourt’s US business in an effective takeover and restructuring by billionaire John Paulson’s hedge fund. Paulson & Co. bought up portions of the company’s distressed debt in order to control the refinancing and conversion to new equity. Callaghan, the […]
