Jovanovich Steps Aside, Ex-Energy Secy. Named

Harcourt Brace Jovanovich Inc. said today Chairman William Jovanovich has resigned and former U.S. Energy Secretary John S. Herrington has been elected to replace him.

The 70-year-old Jovanovich had guided the development of the Orlando, Fla.-based publishing company during a career that spanned more than 43 years and saw the company’s revenue grow to $1.3 billion from $8 million in the 1950s.

He engineered a costly recapitalization of Harcourt in 1987 that enabled the company to avoid a takeover by British media baron Robert Maxwell.

But the resulting heavy debt prompted the company to sell its theme park business a year ago for $1.1 billion, which was below what some analysts had thought it could get for the business.

The company recently acknowledged it was in talks to sell unspecified additional assets. It announced May 9 that those talks had been terminated.

In addition to its publishing operations, Harcourt has interests in the insurance business.

The company said in a statement that Jovanovich also had submitted his resignation as chairman of the company’s executive committee.

He will be replaced in that position by his son, Peter Jovanovich, who became chief executive and president of the company last December.

Herrington has served as a member of the Harcourt board since May, 1989, and has served on its executive and finance committees.

In a statement, Jovanovich was quoted as saying, “Forty-three years is enough, especially since I now can devote my time to editing books and writing them.”

Herrington called Jovanovich “an American publishing legend, a pioneer in educational technology and an industry giant who built the best independent publishing house in America.”

“While I cannot replace this Renaissance man, I intend to work to build upon HBJ’s outstanding successes,” he said.