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April 12, 2011

Michael Hyatt Steps Down as Thomas Nelson CEO

Sarah Pulliam Bailey

0412mike-and-mark.jpg

Thomas Nelson has announced that Michael Hyatt has stepped down as CEO but will continue to serve as chairman of the board. Mark Schoenwald, who is president and COO, will take Hyatt's place as CEO.

Before he joined the publishing company in 2005, Schoenwald has served as as president of home décor, garden, and gift companies including New Creative Enterprises, One Coast Network, and Kennedy Group, according to Publisher's Weekly. Hyatt wrote on his blog that he plans to spend more time in other areas.

The reason for this transition is that I want to spend more time externally focused: writing, speaking, and pursuing other business interests. This is not a big surprise to my family or closest friends—perhaps not even to you. I love the creative life, and I was finding it increasingly difficult to give expression to my gifts while running a company the size of Thomas Nelson.

I feel that this is the perfect time to make this transition. We finished our fiscal year on March 31st with very strong momentum. We currently have several books on the bestseller lists, including Heaven Is for Real, which has been #1 on the New York Times list for 10 straight weeks. The company is healthy, vibrant, and poised for growth. We have a talented and proven successor in Mark, who can lead the company forward.

Heaven is For Real is about a boy who says he died and went to heaven, a book that has sold quite well for Thomas Nelson. In 2008, the company cut about 10 percent of its workforce. Last year, the private equity firm Kolberg & Co. led a group of investors to acquire a majority stake in the company.

posted by Sarah Pulliam Bailey | Comments (6)

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I have connections that say he actually got fired and it was Mark that got him fired. Let's see where this company is in 5 years. Hopefully it doesn't entirely sell out--if it hasn't already.

Posted By: Bob | April 12, 2011 11:08 PM

Bob, even if that were true, what good does it do to publish it? Stay above the fray.

Posted By: Scott | April 13, 2011 4:11 PM

I agree with Scott re: Bob's comment. Besides, the article includes the fact that Hyatt is Chairman of the Board; the board fires CEOs. When he says he is transitioning, why can't we accept that as fact?

Posted By: Jay | April 13, 2011 4:38 PM

Utilizing one's God-given "wiring" goes hand in hand with effectiveness in one's job. No doubt Michael felt he could no longer be effective in that position, as he more or less stated. Kudos to him for recognizing that and moving forward in faithfulness to God's call. (On a side note, I wouldn't be bragging about having a book like Heaven Is For Real on a best-sellers list. Sales do not legitimate veracity of content.)

Posted By: Matt Stephens | April 13, 2011 5:10 PM

I always wondered how he led the publishing when he was so busy blogging and tweeting his own stuff; think his gifting may have made the change. A good thing, I think..

Posted By: JNel | April 14, 2011 2:56 PM

I love reading Michael's blog. I thought he held the line as far as the publishing industry goes, but did do his own thing. Love Thomas Nelson and look forward to see what the future hold.

Posted By: Steve Crenshaw | April 28, 2011 8:39 AM