The Bookseller.com

4th July 2009

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Random Inc freezes pensions

21.11.08

Random House Inc has frozen the pensions of its current employees and eliminated them for future hires, the latest cuts in an industry hit by declining sales and anticipating, at best, a difficult 2009. "Effective Dec. 31, benefits in the Random House, Inc. Pension Plan will no longer grow — but they will not be reduced," spokesman Stuart Applebaum said in a statement released in response to a query from The Associated Press.

Applebaum said talk of cutting pension had been going on for years, although changes at Random House have been expected since Markus Dohle replaced Peter Olson in May as chairman of the publisher's worldwide operations. "Mr. Dohle's planning and discussions about the company's future has been and continue to be very interactive at all levels of the company worldwide," Applebaum said.

Associated Press

International People Random House US Stuart Applebaum