Bloomsbury Publishing is opening a new chapter with the unveiling on Tuesday of founder Nigel Newton’s plans to hand over within two years the top executive role he held at the Harry Potter publisher for four decades.
Newton, 71, is one of Britain’s oldest leaders. San Francisco-born and Cambridge-educated, he left Sidgwick & Jackson and, along with three other founders, founded Bloomsbury in 1986, floating it on the London Stock Exchange in 1994 and driving it to global publishing success.
One of his defining achievements was acquiring the rights to JK Rowling’s first Harry Potter book after being rejected by several publishers. This decision allowed Bloomsbury to become one of the most famous publishing houses in the UK.
The series, which became a global bestseller, launched multibillion-dollar franchises including blockbusters and a new HBO series.
The publisher also backed Sarah Maas, the bestselling author of the A Court of Thorns and Roses series and a leading name in the booming romance genre.
Bloomsbury in a new era
Under the five-year succession plan, Newton will oversee the appointment of his successor and “remain” as executive chairman for his first three years in office before becoming non-executive chairman in 2031.
“The publishing world is a very different place than it was even 15 years ago, and while Newton’s success cannot be denied, there must be room for a CEO who can help Bloomsbury enter a new era as a much more diversified enterprise,” said Chris Beauchamp, chief market analyst at IG Group.
The changes come as Bloomsbury pursues an artificial intelligence-led digital expansion, striking strategic partnerships with companies such as Google and moving into academic and professional publishing.
As part of the succession plan, Chairman John Bason will become Vice Chairman and Senior Independent Director and lead the search for a new CEO.
Bason said the transition showed the board was engaged in succession planning and that Newton’s continued leadership would help ensure Bloomsbury remained a leading independent publisher.