Jovanovich to Quit as CEO of Harcourt Brace
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Chairman William Jovanovich plans to step down at the end of the month as chief executive at textbook publisher Harcourt Brace Jovanovich.
Jovanovich, 68, will remain as chairman, but President Ralph Caulo, currently chief operating officer, will succeed him as chief executive. Caulo, 53, who has a background in elementary and secondary school book publishing, took over the posts of president and chief operating officer from Jovanovich in March.
A short statement from the company did not say why Jovanovich was giving up another post and a spokeswoman at the company’s Orlando, Fla., headquarters refused to give out any more information.
The publishing firm fought a bitter battle last year to avoid a takeover by British publisher Robert Maxwell. But the campaign to remain independent was costly, with Harcourt implementing a $3-billion recapitalization plan that plunged the company into debt.
In August, it announced plans to lay off some 750 employees at six of its theme parks around the country. The company owns San Diego Sea World and Cypress Gardens in Winter Haven, Fla.
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