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(Sharecast News) - Bloomsbury Publishing outlined succession plans on Tuesday as founder and chief executive Nigel Newton prepares to step down.
The Harry Potter publisher, which floated in 1994, said its five-year leadership succession plan provides "long-term continuity and stability for Bloomsbury's shareholders, authors and colleagues".
The first step in the plan is that Newton becomes executive chairman with immediate effect, with the appointment of a new CEO to take place in two years' time.
John Bason will move from chairman to deputy chairman. The CEO appointment process will be led by Bason as chair of the Nomination Committee and will consider internal and external candidates, Bloomsbury said.
Following the appointment of a new CEO, Newton will stay on as executive chairman for the first three years of their tenure "to provide continuity and to support key strategic relationships to ensure a smooth and successful transition".
At the conclusion of the five-year succession plan in 2031, Newton - who founded the business 40 years ago - will become non-executive chairman.
"This succession plan ensures the company will continue to benefit from Nigel's unmatched experience, entrepreneurial vision and deep industry knowledge," the company said.
John 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."
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