Peter Jovanovich Named Harcourt Brace President

Harcourt Brace Jovanovich, the Orlando, Fla.-based publisher and insurance group, has named Peter Jovanovich, 40, president and chief executive. He succeeds Ralph Caulo, president, who is resigning at the end of the year.

The company has been struggling under a huge debt burden since it underwent a recapitalization in 1987 to thwart a takeover attempt by British publisher Robert Maxwell.

HBJ announced earlier this year that it would sell its six theme parks, including Sea World in Orlando, Fla., to ease its debt burden.

The company also announced that William Brandner, 52, most recently head of Harcourt’s insurance businesses and formerly chief financial officer, was named chief operating officer and vice chairman.

William Jovanovich continues as chairman.

Analysts said the management changes were positive and will lead to more cost-cutting.

“I think it’s good,” said Elizabeth Bramwell at Gabelli Securities. “The company operationally was not being run as well as it could be. Expenses had gotten out of control, especially in the elementary schoolbook area.”

Analysts said the executives had long worked at Harcourt, knew the company intimately, and would bring operational stability.

Harcourt’s stock rose 62.5 cents to $4.375 on the New York Stock Exchange.