Bloomsbury Publishing PLC announced a five-year leadership succession plan on Monday, with founder Nigel Newton moving from chief executive to executive chairman effective Monday. Newton founded the company 40 years ago, and Bloomsbury went public in 1994.
Under the plan, chairman John Bason will move to deputy chairman and serve as senior independent director. Bason, in his capacity as chair of the nomination committee, will lead the search for a new chief executive, considering both internal and external candidates.
The company said it expects to appoint a new chief executive within two years. Newton will remain executive chairman for three years after the appointment to support the transition. At the end of the five-year succession plan in 2031, he will move to non-executive chairman.
The board will maintain a majority of independent non-executive directors alongside Bason's role. Bloomsbury Publishing is listed in the FTSE 250 index.
