NEW YORK (AP) — The editor of Keith Richards' "Life" and David Foster Wallace's "The Pale King" has been named CEO of Hachette Book Group.

Michael Pietsch (peech) has headed the publisher's Little, Brown and Co. division for 11 years.

Hachette also announced Monday that its CEO since 2006, David Young, will step down March 31. The 61-year-old is returning to Britain to be with his family. He will become deputy chief executive of Hachette UK and CEO of the Orion Publishing Group division.

The 55-year-old Pietsch is a highly regarded editor and publisher known for his literary and commercial savvy.

Monday's announcement comes as Hachette confronts a recent settlement with the government over allegations of price fixing that will likely lead to reduced prices for e-books and greater power for