Harry Potter publisher Bloomsbury has set out plans for its founding boss to stand down from the helm in five years’ time after four decades leading the group.
The firm said chief executive Nigel Newton has moved to become executive chairman, with aims to appoint a new chief executive in two years.
Mr Newton, who has led the business since launch 40 years ago, will remain executive chairman until 2031 to ensure a smooth transition, before standing aside from the day-to-day running of the group and becoming non-executive chairman.
Current chairman John Bason now becomes deputy chairman and will lead the hunt for a new chief executive.
Mr Bason said: “The transition announced today represents the board of Bloomsbury proactively addressing succession planning.
“Nigel’s continued leadership over the medium term will ensure continuity of Bloomsbury as a leading independent publisher.”
The group added that the five-year plan “ensures the company will continue to benefit from Nigel’s unmatched experience, entrepreneurial vision and deep industry knowledge”.
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