Jonathan Karp, CEO of Simon & Schuster since 2020, is stepping down and will become the publisher of a new imprint named Simon Six. He will continue as CEO until a successor is found.
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Jonathan Karp (l.) and Richard Sarnoff at last year's Frankfurt Book Fair |
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Karp commented: "Simon and Schuster is on a great growth trajectory right now, and it has been a privilege to lead the company for the last five years. When KKR acquired Simon & Schuster, I agreed to stay on through the transition, but my north star has always been our authors and their books, and I have decided it's time for me to return to the part of publishing that animates me the most. I remain deeply committed to our mission and am excited to remain a devoted shareholder who will support our next leader and the entire team however I can."
And in a letter to S&S employees, Karp added: "Over the past five years, we've brought a lot of new talent to our company. We've become a more international company. We've created an ownership culture and we've achieved some record-setting results that have positioned the company for growth. Most importantly, we've kept our focus squarely on our authors and the books we publish."
S&S board members and KKR executives Ted Oberwager and Richard Sarnoff said, "Under Jon Karp's exceptional leadership over the past five years, Simon & Schuster has demonstrated remarkable resilience and growth in an evolving publishing landscape. His strategic vision and commitment to literary excellence have strengthened the company immeasurably, attracted new/renowned authors and reinforced its legacy as a premier global publisher. We are thrilled to launch the new Simon Six imprint under Jon's leadership. There is no better shaper of books."
Karp began his publishing career in 1989 as an editorial assistant at Random House, where he worked for 16 years, rising to the position of editor-in-chief. In 2005, he joined Hachette Book Group, where he founded and was publisher and editor-in-chief of Twelve. For 10 years he was publisher of S&S's flagship imprint before becoming CEO in 2020.
Partnering with S&S's existing imprints, the Simon Six imprint will publish six books a year, "each with an X-factor," Karp said. He noted that as founding publisher of Twelve, "I published one book per month. For Simon Six, I will acquire and edit half as many books each year and publish them with twice as much emphasis, in partnership with many of the same colleagues I've enjoyed working alongside for years."
During his tenure as CEO, Karp dealt with many challenges, beginning with the sudden death of his predecessor, Carolyn Reidy; the announcement by ViacomCBS, later renamed Paramount Global, that the publisher was for sale; the onset of the pandemic; and a rise in book bannings. Penguin Random House won the initial bidding war for the company but ultimately withdrew the offer in 2022 after the Justice Department won a suit to block the deal. Private equity firm KKR won the next round of bidding, and in 2023 made S&S a standalone company, with Karp continuing as head of S&S. After the sale, the company created an employee ownership program. And during his time the company expanded its publishing operations with new imprints like Simon Element, Boynton Bookworks, Sarah Barley Books and the relaunch of Summit Books; expanded abroad with purchases such as Dutch publisher VBK and distribution agreements such as the one with Urano World Publishing Group; and expanded its distribution services for other publishers. In 2022, the last full year financial results were public, the company's sales rose 19%, to $1.18 billion, and operating profit rose 16%, to $248 million.