In response to declining sales, Australian retailer Booktopia has withdrawn its guidance and announced staff departures, including the resignation of CEO David Nenke. Nenke has been at Booktopia since last year, after leaving Barnes & Noble Education. During his six-month notice period, operational duties will be assumed by chair Peter George, who will become executive chairman. Former ceo Tony Nash, who also sits on the board, will become an executive director and sales director for the next six months. During this time, directors’ compensation will be paid in company shares. The company will eliminate at least 50 positions from its […]
International News
S&S to Acquire Holland’s VBK, Furthering International Growth Strategy
Simon & Schuster has agreed to acquire VBK (Veen Bosch & Keuning), the largest publisher in the Netherlands, in an all-cash transaction. The deal is subject to regulatory approval in the Netherlands. This will be the first time S&S has owned a non-English language publisher, fulfilling its “long-cherished international ambitions.” In a memo to staff, S&S CEO Jonathan Karp wrote, “In the months since we became a standalone, independent publishing company, I have repeatedly stated that international publishing will be one of the key areas of growth for Simon & Schuster…. In joining with VBK, we believe that together we […]
Arnaud Lagardere Steps Aside As CEO, Facing Criminal Charges
Lagardere ceo Arnaud Lagardere was questioned by a judge and charged with “vote buying, abuse of power and breach of trust, disseminating false or misleading information and failure to publish accounts,” according to Bloomberg. As a result he was required to step aside at least temporarily as the company’s ceo. “He was placed under judicial supervision with a ban on management and the obligation to provide a bond of €200,000,” a source told the FT. Judges will decide later whether the charges go to trial. The charges come as the result of an investigation that was started in 2021 — […]
Former Lagardere Publishing CEO Nourry Said to Prepare Launch of New Publisher
La Lettre (The Letter) in France recently ran an unconfirmed report that former Lagardere Publishing CEO Arnaud Nourry “is preparing his return in secret, three years after being brutally ousted from his chair.” Fired three years ago after speaking out in opposition to any splitting up of Hachette Livre or a sale to Editis”\ (back when the battle for control of Lagardere’s assets was still brewing), La Lettre says Nourry’s non-compete clause “expires in April”—at the end of the month, according to Le Point—and he “intends to take advantage of the restructuring of the editorial landscape brought about by Vivendi’s […]
Mondadori to Acquire Chelsea Green Publishing for $5 Million
Mondadori announced Monday that it has a deal to acquire employee-owned Chelsea Green Publishing, for $5 million, subject to adjustment at closing, which is expected in by the middle of the year. For 2022, the publisher had sales of $8.1 million and an operating income of $1.1 million. Chelsea Green will become part of Rizzoli International Publications. Mondadori says that represents “a further step on its international development journey in English-speaking markets, which recently began with the establishment of London-based Rizzoli UK.” When the acquisition is completed, co-founder Margo Baldwin will take the role of publisher emeritus, as Stefano Peccatori […]
Imprints: Summit Books Australia
After relaunching the imprint in the US at the beginning of the year, Simon & Schuster will introduce Summit Books in Australia and New Zealand. Jane Palfreyman will join as publishing director or May 6, reporting to Simon & Schuster Australia managing director Dan Ruffino. Palfreyman was previously at Allen & Unwin. In a release, Ruffino said, “She is arguably one of Australia’s most successful and influential publishers and I’m looking forward to Jane’s significant contribution to Simon & Schuster Australia’s growth plans over the coming years.”