By 1960, Harcourt Brace led the market in high school textbook publishing, but had little presence in the elementary school market. That year, William Jovanovich, who had become president of the company in 1954, took the company public and merged Harcourt Brace & Company with World Book Company to create Harcourt, Brace & World, Inc. This was a strategic move that had a long-term impact on the company because World Book was an established elementary textbook publisher and a test publisher.