Nihar Malviya will assume the role of interim CEO of the New York-based international publishing group with effect from January 1, 2023, the publisher's parent company Bertelsmann said in a statement on Friday.
Indian-origin Nihar Malviya has been named as the interim CEO of Penguin Random House, after its current chief executive officer Marcus Dohle announced that he is stepping down from the role.
Malaviya will assume the role of interim CEO of the New York-based international publishing group with effect from January 1, 2023, the publisher's parent company Bertelsmann said in a statement on Friday.
Malaviya is the president and chief operating officer (COO) of Penguin Random House US, the US division of the publisher, since 2019.
He who will report to Bertelsmann CEO Thomas Rabe will join Bertelsmann's Group Management Committee (GMC), as well as remain a member of the Penguin Random House Global Executive Committee.
"After Malviya's appointment, the GMC will comprise 20 top officials from eight different nationalities," the statement said.
As interim CEO of Penguin Random House, Malaviya will "lead the creation of new competitive advantages that position the global company for future growth," the statement said.
In his capacity as president and COO, Malviya, 48, was responsible for all publishing operations in the US, from supply chain to technology and data and customer services.
Dohle is stepping down as CEO at the end of 2022, and also Bertelsmann is resigning his seat on the executive board, "at his own request and on the best of mutual terms," Bertelsmann said.
Dohle said in the statement that after nearly 15 years on Bertelsmann's executive board and at the helm of the global publishing business, he has decided to hand over the next chapter of Penguin Random House to new leadership following the antitrust ruling in the US. and against the merger of Simon & Schuster.
Speaking about Malviya, Rabe said, “Nihar Malviya is an outstanding leader and an enterprising publishing professional who knows Penguin Random House inside out. As the person responsible for the implementation of all operational publishing processes in the US as well as the global tech and data agenda, he has played a major role in the company's success and created sustainable competitive advantages for Penguin Random House globally. "
“With his deep understanding of the global media landscape and publishing industry, he will continue to grow the company and invest in its expansion, both organically and through acquisitions. I look forward to joining him at Penguin Random House and Penguin Random House and Look forward to working even more closely with GMC," he said.
In late October this year, the US District Court for the District of Columbia ruled in favor of the Justice Department in its civil antitrust lawsuit to block the proposed US$2.2 billion acquisition of Simon & Schuster by Penguin Random House.
The court found that the effect of the proposed merger would substantially reduce competition in the market for US publishing rights to anticipated best-selling books.
Jonathan Kanter, assistant attorney general for the Justice Department's Antitrust Division, said the decision preserved the vital competition for books and was a victory for authors, readers and the free exchange of ideas.
Kanter had said, "The proposed merger would reduce competition, reduce writer compensation, reduce the breadth, depth and diversity of our stories and ideas, and ultimately harm our democracy."
Since 2014, Malviya has had responsibility for all publishing operations in the US, from supply chain to technology and data and customer services.
He is a member of the Penguin Random House Global Executive Committee and leads the creation of new competitive advantages that position the global company for future growth.
Malviya began his career at Bertelsmann in 2001 as a participant in the Bertelsmann Entrepreneurs Program.
In 2003, he moved to Random House, successfully occupying several leadership positions within the group. Malaviya is a two-time recipient of the Bertelsmann Entrepreneur Award for Strategy Execution and serves on the Bertelsmann Technology and Data Advisory Board.
He holds an MBA in Finance and Marketing from NYU Stern School of Business, as well as a Bachelor of Science in Computer Science. Malviya is also a member of the board of Yale University Press.
Rabe described Malviya as an "outstanding leader and an enterprising publishing professional who knows Penguin Random House inside out.
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