Smart and Kelly to co-lead DK as Coesfeld departs for new Bertelsmann role

DK c.e.o. Carsten Coesfeld is to depart to take up a new position as c.e.o. of Bertelsmann Investments, with managing director for publishing Rebecca Smart and c.f.o. and strategy director Paul Kelly stepping up to co-lead DK worldwide as joint c.e.o.s.

Smart and Kelly will report to Penguin Random House c.e.o. Markus Dohle.

Announcing the development in a letter to staff, Dohle paid tribute to the "rare partnership" between Kelly and Smart, "one imbued with openness and mutual respect", and said the two had complementary skills and experience.

He said: "As the leading global illustrated non-fiction publisher, DK is experiencing an incredibly exciting time. In recent years the team has transformed the company into a successful, growing and innovative business: launching new enterprises, achieving significant success in both lifestyle and children’s publishing, rebranding and refreshing its iconic reference list, and creating an industry-leading online merchandising infrastructure. I am confident Rebecca and Paul will together continue the growth trajectory the DK team has generated in recent years."

Smart and Kelly will now join the Penguin Random House global executive committee.

Of Coesfeld, who took up his DK role in March 2020, Dohle said: "I am sure that few could have managed stepping into a c.e.o. role during these tumultuous times with the level of energy, care and fortitude Carsten has displayed. Under Carsten’s tenure, in 2021 DK experienced the best year in its 48-year history. By strengthening its creative core, expanding the discovering of its books online while continuing to support all retail channels for books, and implementing strategic partnerships with our Penguin Random House sister companies, Carsten and his team have generated significant organic growth and positioned DK to thrive in an online-driven book world. Furthermore, Carsten’s entrepreneurial mindset, collaborative style and clear focus on strategy implementation and excellence in execution have been pivotal to achieving these results."

Coesfeld takes up his new role on 1st June. Bertelsmann Investments is the company’s global venture capital arm and has to date invested around €1.5bn in over 400 companies and funds.