Coinciding with the 2007–2008 financial crisis, the publishing industry was hit hard with weak retail sales. In May 2008, Random House CEO Peter Olson stepped down and Bertelsmann replaced Olson with Marcus Dohle. By October of that year, Doubleday, a division of Random House announced that they would lay off 16 people or about 10% of its workforce. In early December, what became known as Black Wednesday in publishing circles, many publishers including Random House took steps by restructuring their divisions and laying off employees. The reorganization consolidated and created three divisions—Random House Publishing Group, Knopf Doubleday Publishing Group and Crown Publishing Group.Susan Kamil, was named editorial director for Dial Press and editor-in-chief of Random House imprints reporting to Gina Centrello, the president and publisher of the Random House Publishing Group. There were layoffs in the Doubleday imprint (now part of Knopf Publishing Group) and Dial Press, Bantam Dell, and Spiegel & Grau were moved from Doubleday over to the Random House imprints.