New CEOs Face Tough Environment
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Both a venerable industry mainstay and a fast-growing start-up announced the appointment of new leaders. Ingram Book Group, the largest wholesaler in the book business, announced that its chief operating officer, James E. Chandler, has been promoted to president and chief executive officer. He takes over from Mike Lovett, who will “assume a new position” with parent company Ingram Industries. Mr. Chandler joined the company in 1997 as president of Ingram International.
Mr. Chandler said in a statement, “The next several years will be a time of growth for our diverse businesses. We are excited about the value of the products and programs the Ingram Book Group companies offer to both our publishing partners and to our retail and library customers across our country and around the world.”
But growth in this segment is hardly a forgone conclusion. Independent bookstores are a big part of Ingram’s customer base, but those stores are facing increasing competitive pressures.
Just last week, highly regarded WordsWorth Books of Cambridge, Mass., filed for Chapter 11 bankruptcy protection.
Ingram’s major competitor in book wholesaling, Baker & Taylor, was sold in 2003 to Willis Stein & Partners by The Carlyle Group for $255 million. Amazon is among Ingram’s current customers.
As part of the management changes, Peter Clifton, current president of Ingram International, will add oversight for the Ingram Book Company, Spring Arbor Distributors, and Tennessee Book Company, all of which previously reported to Mr. Chandler.
Another far newer company on the scene also announced the appointment of new management. Author-House (known until recently as 1st Books Library) named Bryan Smith as their chief executive officer at the beginning of this month. The 34-year-old spent two years as chairman of the company’s board while working for Indianapolis-based venture capital firm Gazelle Tech Ventures. The company, which specializes in print-on-demand self-publishing, claims to be “the largest self-publishing house in the world” with over 25,000 books in print.
