Frances Coady out as Picador restructures

Frances Coady, who has been overseeing Macmillan's Picador imprint since 2000, is leaving the company. PW has learned that Coady will be stepping down on March 2. In a memo, Macmillan CEO John Sargent said the trade paperback imprint will now report to FSG head Jonathan Galassi and Holt president Steve Rubin. According to Sargent's memo, the move was necessary because the "structural/financial model" of Picadaor "has become less meaningful." The change in operating structure, Sargent wrote "will clafify hardcover/paperback editorial responsibility for key titles and give the originating publishers greater control." - PW