Malaviya acknowledges 'significant changes' to PRH in end of year letter

Nihar Malaviya, Penguin Random House’s global c.e.o., acknowledged “significant changes” to the business in his end of year letter, including some that were “very difficult and challenging”. 

The publisher saw a number of high-ranking executives, including PRH US c.e.o. Madeline McIntosh, leave in the past year, as well as the formation of a new management board, layoffs and a voluntary separation offer that saw many veteran PRH staff members leave the company.  

Malaviya said the changes were “to better position ourselves for the future” and praised staff for balancing "implementing these changes with care while continuing to focus on our authors and publishing their books so well”. 

He said: “As a result, we have sold more books this year than last year, our overall revenues are higher, and we have gained market share in many of the countries where our businesses operate. 

“I’m incredibly proud of the work that everyone has done that has led to these results, as well as the many publishing successes throughout the year—whether it is publishing a global phenomenon such as SPARE, nurturing a debut author, expanding our audio list, creating numerous bestsellers, or focusing on our illustrious backlist. Let’s celebrate the momentum we’ve built and carry it into the new year.” 

Looking ahead, Malaviya said the publisher’s strategy for 2024 will be to continue “to focus on empowering our publishing teams to pursue acquiring and publishing the books that are right for them”.  

“We will continue to invest in enhancing our marketing, sales, supply chain, and data and tech capabilities to navigate an ever-changing marketplace. And, most important, we will continue to support all of you to do the best that we can to bring more of our authors’ ideas and books to our readers, especially in these volatile times in the world.” 

PRH UK c.e.o. Tom Weldon did not issue a letter this year. It was also confirmed today (15th December) that 38 roles are being removed from the UK business, with most affected staff leaving at the end of the year.