Newspapers aren’t the only paper-based businesses taking some painful decisions right now…Pearson-owned Book publisher Penguin is making around 100 staff redundant, equivalent of 10 percent of its workforce, and creating a new company-wide structure, according to thebookseller.com. Digital marketing director Anna Rafferty becomes digital managing director following the promotion of Genevieve Shore to digital strategy director across parent company owner Pearson (NYSE: PSO), which also owns the Financial Times. UK MD Helen Fraser will step down at the end of the year, to be replaced by general MD Tom Weldon.
Thebookseller.com calls these the biggest cuts of the recession so far from any UK book publisher, following staff reductions of five percent at both HarperCollins and New Corp-owned Random House earlier this year. But according to Penguin Group CEO John Makinson, it’s not down to the recession but the shifting media landscape. In a memo to staff, he says: “We have to think about what kind of company we might have in five years time if we sat back and changed nothing… Penguin has been in the vanguard of many of the changes sweeping our industry