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Posts Tagged ‘David Young’

Michael Pietsch to Serve as Hachette Book Group CEO

Little, Brown and Company publisher Michael Pietsch will be the new CEO at Hachette Book Group after April 1st. Pietsch will lead the search for his own replacement after 11 years at the helm of Little, Brown, a division of Hachette Book Group.

After seven years as CEO, David Young will step down next year. Back in the UK, Young will assume the role of deputy chief executive of Hachette UK and CEO of Orion Publishing Group. Starting in June 2013, he will replace retiring Peter Roche in those roles.

Here’s more about the leadership changes, from the official memo: “Effective immediately, Ken Michaels, HBG’s Chief Operating Officer, is promoted to President and Chief Operating Officer … David Young will also chair Hachette Livre’s Chief Operating Officers’ council, covering France, UK, USA and Spain, to help all parts of Hachette Livre benefit from his understanding of the publishing processes, systems, and efficiency.”

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Breaking: Hachette Book Group to Transition to Agency Model

hachette.jpgIn an email to agents this evening, Hachette Book Group USA CEO David Young announced a shift to an agency model for eBook pricing.

Here’s an excerpt: “There are many advantages to the agency model, for our authors, retailers, consumers, and publishers. It allows Hachette to make pricing decisions that are rational and reflect the value of our authors’ works. In the long run this will enable Hachette to continue to invest in and nurture authors’ careers–from major blockbusters to new voices. Without this investment in our authors, the diversity of books available to consumers will contract, as will the diversity of retailers, and our literary culture will suffer.”

And he added this point about eBook releases: “Another great benefit to our consumers is that we intend to release HBG e-books simultaneously with the hardcover (or first format print edition).”

This makes Hachette a valuable ally for Macmillan in their price feud with Amazon (AMZN). In a paid advertisement about the Amazon debate, Macmillan CEO John Sargent defended the agency model: “Under the agency model, we will sell the digital editions of our books to consumers through our retailers. Our retailers will act as our agents and will take a 30% commission (the standard split today for many digital media businesses). The price will be set the price for each book individually. Our plan is to price the digital edition of most adult trade books in a price range from $14.99 to $5.99. At first release, concurrent with a hardcover, most titles will be priced between $14.99 and $12.99. E books will almost always appear day on date with the physical edition. Pricing will be dynamic over time.”

In its letter about why they temporarily stopped the direct sale of books, Amazon tied the agency model to its list of complaints: “Macmillan, one of the ‘big six’ publishers, has clearly communicated to us that, regardless of our viewpoint, they are committed to switching to an agency model and charging $12.99 to $14.99 for e-book versions of bestsellers and most hardcover releases.”

Read the entire letter after the jump.

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