Barry O'Callaghan, chief executive of the education publishing company Houghton Mifflin Harcourt, has reportedly stepped down from his position. The move comes slightly more than a year after Houghton underwent a major refinancing.
O'Callaghan, who will remain a senior advisor to the company, led a group that acquired Houghton Mifflin in 2006 for $1.75 billion from private-equity investors. Soon afterward, O'Callaghan's group bought Harcourt for $4 billion from Reed Elsevier PLC.
The company has said that chief financial officer Michael Muldowney will serve as interim chief executive until the board selects a permanent successor.
Houghton Mifflin Harcourt is a leading producer of K-12 textbooks. The company also operates a consumer-book business.
To access our daily STM news feed through your iPhone, iPad, or other smartphones, please visit www.myscoope.com for a mobile friendly reading experience.
