Frances Coady, who has been overseeing Macmillan's Picador imprint since 2000, is leaving the company. PW has learned that Coady will be stepping down on March 2. In a memo, Macmillan CEO John Sargent said the trade paperback imprint will now report to FSG head Jonathan Galassi and Holt president Steve Rubin. According to Sargent's memo, the move was necessary because the "structural/financial model" of Picadaor "has become less meaningful." The change in operating structure, Sargent wrote "will clarify hardcover/paperback editorial responsibility for key titles and give the originating publishers greater control."
Coady, who PW profiled in 2009 for a series called Change Makers about notable executives in the industry, has also handled some frontlist hardcover titles for other imprints at Macmillan, acquiring, since 2007, for FSG and Holt. She also had own line, Frances Coady Books. At Picador, Coady published a number of bestsellers, including Middlesex and The Corrections. Picador, which is known for doing literary paperbacks, currently releases roughly 100 titles per year, 90% of which are reprints, with the remaining 10% dedicated to paperback originals.
According Sargent's memo, Coady will continue to work with her Macmillan authors in a freelance capacity while being free to work for other houses. Her list of authors includes Paul Auster, Alan Bennett, Esi Edugyan, Eve Ensler, Naomi Klein, Joseph O’Connor, Andrea Levy, Raj Patel, and Richard Powers.
