Harry Potter Publisher Bloomsbury Founder Nigel Newton Plans CEO Exit

Bloomsbury Publishing is turning the page on a new chapter, unveiling plans on Tuesday ​for founder Nigel Newton to hand over within two years the chief ‌executive role he has held at the "Harry Potter" publisher for four decades.

Newton, 71, is one of Britain's longest-serving chief executives. San Francisco-born and Cambridge-educated, he left publisher Sidgwick & Jackson to start Bloomsbury in ​1986 with three other founders, floating it on the London Stock Exchange ​in 1994 and building it into a global publishing success.

One of his ⁠defining achievements was acquiring the rights to J.K. Rowling's first "Harry Potter" book after ​rejections from several publishers, a decision that propelled Bloomsbury into becoming one of the UK's ​best-known publishing houses.

The series, which became a global bestseller, has launched multi-billion-dollar franchises including blockbuster movies and a new HBO series.

The publisher has also backed Sarah Maas, the bestselling author of the "A Court ​of Thorns and Roses" series and a leading name in the fast-growing "romantasy" genre.

Under the five-year succession plan, Newton will oversee the appointment of his successor and ‌remain ⁠executive chairman for the first three years of their tenure before becoming non-executive chairman in 2031.

"The publishing world is a very different place than it was even 15 years ago, and while Newton's success cannot be denied, there has to be room for ​a CEO who ​can help drive Bloomsbury ⁠in its new era as a much more diversified operation," said Chris Beauchamp, chief market analyst at IG Group.

The change comes ​as Bloomsbury navigates an AI-led digital expansion, having struck strategic partnerships with ​companies including ⁠Google and moving into academic and professional publishing.

As part of the succession plan, Chairman John Bason will become deputy chairman and senior independent director, and lead the search for ⁠a new ​CEO.

Bason said the transition showed the board was ​addressing succession planning and that Newton's continued leadership would help ensure Bloomsbury remains a leading independent publisher.