Exclusive | Simon & Schuster staffers slam ‘Scrooge’-like owner KKR for canceling Christmas party: ‘They are being cheap’

Resources near to Simon and Schuster Chief Executive Officer Jonathan Karp, seen right here talking to comedian Jerry Seinfeld at a swanky April event, alerted that there is unlikely to be a staffer Christmas function next year. C-SPAN

KKR founders George Roberts (left) and his relative Henry Kravis (appropriate) scrawled out their concepts for their company on a paper napkin as they ate at the famous Joe & Rose steakhouse in Midtown Manhattan in 1976. San Francisco Chronicle via Getty Images

The elderly managers stated that any type of suggestion of a spending crackdown at the request of their new personal equity overlords was “incorrect.” KKR had $624 billion in possessions under monitoring since September, according to the business.

Sources near to Simon and Schuster CEO Jonathan Karp, seen here talking to comic Jerry Seinfeld at a trendy April event, warned that there is unlikely to be a staffer Xmas function next year. C-SPAN

Numerous resources at the century-old author said the much-anticipated annual shindig was axed as “a belt-tightening workout” by KKR, the Wall surface Street monetary titan that scooped up the firm for $1.6 billion in 2023.

S&S no more releases its outcomes as a privately-held company, but in its last documented earnings Karp pointed to a 2022 peak in sales by Hoover as the reason for the firm’s a little weak efficiency.

Kravis and his relative Roberts made a decision to set up KKR over supper at a Downtown Italian steakhouse in 1976, sketching out their concepts wherefore would later on end up being the exclusive equity industry these days on a paper napkin.

They generated the eye-popping amount in an intricate deal that handed them countless shares as both retired and handed over the reins of the company to co-CEOs Scott Nutall and Joseph Bae in October 2021.

Simon and Schuster insiders lashed out at their new KKR employers, classifying them as “Pennies pincher” for axing their vacation party. The company was co-founded by seasoned business raider Henry Kravis, 80, in 1976. Simon and Schuster experts lashed out at their brand-new KKR managers, labeling them as “Pennies pincher” for axing their holiday party. The company was co-founded by proficient business raider Henry Kravis, 80, in 1976.

The disappointment for the ranking and file follows last year’s event being aborted after S&S leading brass indicated a lavish Manhattan celebration that was being prepared for this past April to commemorate the publisher’s 100th birthday celebration, the insider told The Article.

Simon and Schuster experts blasted their new KKR managers, classifying them as “Skinflints” for axing their holiday event. The firm was co-founded by veteran corporate raider Henry Kravis, 80, in 1976. Bloomberg via Getty Images

Now, the publisher behind current worldwide hot sellers by Colleen Hoover, writer of “It Ends With Us,” has trotted out the excuse of having thrown the April celebration for terminating this year’s vacation party, the resources claimed.

KKR owners George Roberts (left) and his cousin Henry Kravis (best) inscribed out their concepts for their firm on a paper napkin as they ate at the epic Joe & Rose steakhouse in Midtown Manhattan in 1976. San Francisco Chronicle by means of Getty Images

KKR consented to get S&S from Paramount Global in August 2023. The media giant, which accepted an $8 billion merger with independent studio Skydance set to close following year, had actually been trying to unload the publisher for three years so it can concentrate on its video streaming and amusement rate of interests.

Simon and Schuster insiders blasted their brand-new KKR bosses, identifying them as “Skinflints” for axing their vacation event. The company was co-founded by veteran company raider Henry Kravis, 80, in 1976. Bloomberg using Getty Images

Some productive staffers benefiting Simon & Schuster’s sub-brands, recognized in the publishing globe as ‘imprints’, are tossing their own, extra small events after discovering the ax would fall once again.