The Will Behind Wiley

A conversation with William J. Pesce President and CEO of John Wiley & Sons

by Janet McDonough

Since its founding, John Wiley & Sons has survived the War of 1812, the Civil War, two world wars, the Great Depression, hyperinflation and countless recessions. As one of the world’s oldest publishers celebrates its bicentennial, sixth- and seventh-generation Wiley family members are still actively engaged in the company.

There have been 41 U.S. presidents since 1807 but only 10 Wiley presidents. As for President and CEO William J. Pesce, his name may not be on the building, but he couldn’t be more ardent about Wiley if it were. NJ CEO recently caught up with Pesce, who shared his vision for the years ahead.

NJ CEO: As Wiley celebrates 200 years of business success, how might your vision compare with that of the company’s founders?

WJP: Our culture—one that values enduring relationships and quality—distinguishes us from other companies in this industry. And our willingness to adapt and evolve has helped us sustain momentum since 1807.
 
Charles Wiley started out primarily as a publisher of American literature—the back room of his shop was a gathering place for young authors such as James Fenimore Cooper and Washington Irving. Today, we provide “must-have” information and services, in print and online, ranging from scientific, technical and medical information to higher- education textbooks to “For Dummies”® books, Frommer’s®  travel guides and Betty Crocker®  cookbooks.

The common ground is our belief that publishing is a noble endeavor. We place tremendous value on relationships and the quality of our publications.   

NJ CEO: How is today’s sophisticated technology playing a role at Wiley?

WJP: We’ve invested hundreds of millions of dollars in “enabling” technology, digitizing content to make it more accessible, flexible and customizable. Our goal is to serve our customers better. To the extent that technology can make that happen, we’re interested.  When print on paper works best, we continue to support print.  

NJ CEO: Some fear that technology threatens print publishers. What’s your take on that?

WJP: It’s not print or electronic—it’s print and electronic. Our experience is that technology enables us to serve customers better and has created opportunities that would be very difficult to take advantage of in a print-only world. There’s a role for us in the electronic world, helping busy people find information they need as efficiently as possible—helping them achieve their personal and professional dreams and aspirations.
 
In September 2001, we acquired Frommer’s as part of an acquisition of Hungry Minds, which also included the For Dummies series and Webster’s New World™ dictionaries. We launched frommers.com, allowing us to more actively engage customers through blogs, online forums, maps and walking tours. Frommers.com brings value to our customers through a wider range of services (e.g. trip booking), reinforces our brand, helps sell more books and opens new revenue streams for Wiley through sponsors and advertisers.

NJ CEO: You’ve made a lot of acquisitions in recent years. Is that an important part of Wiley’s growth?

WJP: We’re not looking at growth for growth’s sake. We’d rather be among the best than the biggest. The growth Wiley has experienced is a blend of organic growth—existing businesses outperforming the industry—and strategic acquisitions. We consider whether Wiley and a potential     acquisition can deliver synergistic value that couldn’t be achieved as individual companies. You must prove that there’s a strategic benefit and pay a responsible price—or walk away if it’s too expensive.

NJ CEO: One big change for Wiley happened in 2002 when, after being located in New York City since 1807, its world headquarters moved to Hoboken. What prompted that move to New Jersey?

WJP: Our long-term lease expired in 2001, so we took a comprehensive look at where to relocate. We looked at surrounding states, urban and suburban locations, and outside the region. That process brought us to the Hoboken waterfront—Wiley is the first global headquarters to move here in a very long time. Our main reasons: lower cost, a train station within walking distance, proximity to New York and airports, a great building and an urban atmosphere. Wiley people like to be around culture and the arts.  

NJ CEO: What are your personal goals?

WJP: I love what I do at Wiley—it’s my idea of a good time! I’m as committed as ever to leading Wiley and, hopefully, continuing to generate outstanding results. I also very much want to serve as a role model for the next generation of leadership.
 
I place a lot of importance on treating our colleagues with dignity and respect, as human beings first and professionals second. There’s nothing I care more about than proving that you can lead an organization this way and be strong financially. Wiley’s numbers wouldn’t happen without our culture, strategy, attention to detail and execution.  

NJ CEO: What do you see as the essential qualities of a CEO?

WJP: They’re pretty fundamental points that, sadly, too many people miss. One is that you should never, ever forget where you came from—it keeps you humble. In my opinion, the business scandals we read about come from arrogance and greed. My father was a plumber with a third-grade education, functionally illiterate. I’m a first-generation college graduate—and I say that proudly. A lot of what I believe in as a leader—treating people with dignity and respect no matter what their title—came from my upbringing.
 
A leader must have a clear vision of the future and the credibility to lead people to places they would not have gone on their own. I believe you must be passionate and have conviction, articulating that vision so people will be inspired to embark on the journey with you. And you have to walk the talk, always backing your words with actions, because ultimately that’s what people will remember. That’s a CEO’s legacy.