Penguin Random House CEO Steps Down Following Failed Merger

The CEO of Penguin Random House, the world’s largest trade publisher, is stepping down weeks after its attempt to buy rival Simon & Schuster was blocked by a federal court.

Markus Dohle’s decision is effective at the end of the year. He will be replaced temporarily by Nihar Malaviya, 48, currently president and COO of Penguin Random House.

“Following the antitrust decision in the U.S. against the merger of Penguin Random House and Simon & Schuster, I have decided, after nearly 15 years on the Executive Board of Bertelsmann and at the helm of our global publishing business, to hand over the next chapter of Penguin Random House to new leadership,” Dohle, 54, said a statement released Friday by parent company Bertelsmann, the German conglomerate.

Read the source article at cbsnews.com