John Makinson, finance director for Pearson plc, is now also chairman of the Penguin Group. Makinson said his appointment, which took effect May 15, "underlines Pearson's commitment to Penguin." David Wan, president of the Penguin Group, will continue to manage the company's day-to-day operations and report to Makinson, who will devote his time to planning long-term strategy and looking at new opportunities for the group.
One of Makinson's main functions will be to strengthen the relationships among Penguin's worldwide units as well as to increase the interplay between Penguin and Pearson's other holdings, particularly Pearson Education. "I'd like to see more two-way traffic between Penguin and the other Pearson companies," Makinson told PW.
Acquisitions are not high on Makinson's agenda, although he said the company might pursue "the right opportunity at the right price." Makinson said Penguin is large enough to compete in the worldwide English marketplace at its present size, and noted that with the acquisition of Dorling Kindersley, "there are no real gaps" in Penguin's publishing program. He said Penguin was off to a good start in 2001, and that history has shown that Penguin's revenues "hold up well" in a soft economy.
