The Bookseller's Joel Rickett reports that Caroline Michel, the former managing director of HarperPress, has left her current post as m.d. of William Morris UK for a chief executive position with rival literary agency PFD. Michel has been brought in over the heads of the PFD management team, who have been attempting to negotiate a 4m pound buyout from parent CSS Stellar.

Michel's appointment was made by David Buchler, the new executive chairman of CSS, who has promised to reshape PFD. It is likely to scotch any possibility of a management buyout at the literary and talent agency, as well as the 8m pound offer from Chorion. The reaction of the 14 lead PFD agents to the news is not known (though the internal rumor mill must be humming bigtime.) Michel is meeting her new team this afternoon.