Penguin chief to join family business

The head of the Penguin Group of publishers is leaving after 18 years to run his family's trade publishing house in New York, it was announced yesterday.

Peter Mayer, chairman and chief executive officer since 1978, will leave Penguin at the end of this year to take charge of the Overlook Press, a publishing house he established with his father in 1971.

Mr Mayer will continue to act in the role of "senior adviser" to Penguin, possibly Britain's best-known publisher with authors ranging from Graham Greene and Gabriel Garcia Marquez to Dick Francis and Stephen King. Duncan Campbell-Smith, recently appointed development director at Penguin UK, is among those tipped as his successor.

Mr Mayer, 60, was seen as an unlikely addition to Penguin because of his direct, almost "brash" approach. He presided over the unpopular closure of the Pelican line of books and the unexpectedly popular launch of the 60p classic, which is said to have changed received wisdom about the way the public acquires culture.

More importantly, he has overseen Penguin's recent transformation from a loss-making business.