Random House CEO Reported to Be Stepping Down

by Staff

Peter Olson, the chief executive of Random House, is said to be stepping down from his post in the next few weeks. The New York Times reported yesterday that the fifty-year-old, who has been running Random House since 1998, has recently come under pressure as the publisher's worldwide revenue fell 5.6 percent last year.

Neither Random House or Bertelsmann, the German media conglomerate that owns the publishing house, has commented on yesterday's reports. The terms and timing of Olson's departure are unknown, as is his successor. Bertelsmann's board is scheduled to meet in two weeks, and many expect a formal announcement to be made shortly thereafter.