BASKING RIDGE, N.J.--(BUSINESS WIRE)--
Barnes
& Noble Education, Inc. (NYSE:BNED), a leading provider of
educational products and services solutions for higher education and
K-12, today announced that Barry Brover has been appointed Executive
Vice President, Operations of BNED and Executive Vice President of
Barnes & Noble College (BNC), effective January 1, 2019. Thomas D.
Donohue, Senior Vice President, Treasurer and Investor Relations, has
been appointed to succeed Mr. Brover as Executive Vice President, Chief
Financial Officer of BNED, effective January 1, 2019. In his new role,
Mr. Donohue will continue to lead the Company’s Treasury and Investor
Relations functions. Lisa Malat, Chief Operating Officer of BNC, will
also assume expanded responsibilities, including leading BNC’s Marketing
and Sales teams. Mr. Brover, Mr. Donohue and Ms. Malat will each report
directly to Michael P. Huseby, Chairman & Chief Executive Officer, BNED.
These appointments follow the decision by Patrick Maloney to retire as
Executive Vice President, Operations, BNED and President, BNC, at the
end of the fiscal year, April 27, 2019. Mr. Maloney’s responsibilities
will be transitioned to Mr. Brover, Ms. Malat and Mr. Huseby. David
Henderson, President of MBS Textbook Exchange, a key subsidiary of BNED,
will report directly to Mr. Huseby.
“On behalf of all our people, I would like to thank Patrick for his
valuable and legendary contributions throughout his 45-year tenure with
Barnes & Noble College, and for his leadership at BNED the past three
years. Because of the foundation Patrick had such a major role in
building, we are well positioned to continue to serve and deliver value
to students, school partners and our shareholders,” said Michael Huseby,
Chairman & Chief Executive Officer, BNED. “We are excited about our
growth prospects as we continue to advance BNED’s vision of becoming a
premier provider of both physical and digital educational services.
Looking ahead, I am grateful that Patrick has agreed to work with our
management team to ensure a smooth transition of his leadership role.”
“We are fortunate to have such a deep and talented team that is
committed to leveraging both our digital and physical assets to meet the
evolving needs of our industry and take BNED to the next level,”
continued Mr. Huseby. “Barry, Tom and Lisa are valued members of our
senior leadership team. I look forward to working with them in their new
and expanded roles.”
“It has been a privilege to lead the Company’s operations since 2007 and
I could not be more proud of all of the work that the Barnes & Noble
Education team has accomplished. I believe BNED and its talented people
have a bright future,” said Mr. Maloney. “Since beginning my career at
Barnes & Noble College as a student at CW Post, the Company has evolved
and grown significantly, and I am confident that this is the right time
to begin this transition. I look forward to working with Mike, Barry and
Lisa in the coming months to achieve an orderly transition of
responsibilities.”
ABOUT BARNES & NOBLE EDUCATION, INC.
Barnes & Noble Education, Inc. (NYSE: BNED) is a leading
provider of higher education and K-12 educational products and
solutions. Through its Barnes & Noble College and MBS Textbook Exchange
segments, Barnes & Noble Education operates 1,450 physical and virtual
bookstores across the U.S., serving more than 6 million students and
faculty. Through its Digital Student Solutions segment, the Company
offers direct-to-student products and services that help students study
more effectively and improve academic performance, enabling them to gain
the valuable skills necessary to succeed after college. The Company also
operates one of the largest textbook wholesale distribution channels in
the United States. For more information please visit www.bned.com.
BNED companies include: Barnes
& Noble College Booksellers, LLC, MBS
Textbook Exchange, LLC, BNED
LoudCloud, LLC, Student
Brands, LLC, Promoversity,
LLC, and PaperRater,
LLC. General information on Barnes & Noble Education may be obtained
by visiting the Company's corporate website: www.bned.com.
Forward Looking Statements
This press release contains certain “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995 and
information relating to us and our business that are based on the
beliefs of our management as well as assumptions made by and information
currently available to our management. When used in this communication,
the words “anticipate,” “believe,” “estimate,” “expect,” “intend,”
“plan,” “will,” “forecasts,” “projections,” and similar expressions, as
they relate to us or our management, identify forward-looking
statements. Moreover, we operate in a very competitive and rapidly
changing environment. New risks emerge from time to time. It is not
possible for our management to predict all risks, nor can we assess the
impact of all factors on our business or the extent to which any factor,
or combination of factors, may cause actual results to differ materially
from those contained in any forward-looking statements we may make. In
light of these risks, uncertainties and assumptions, the future events
and trends discussed in this press release may not occur and actual
results could differ materially and adversely from those anticipated or
implied in the forward-looking statements. Such statements reflect our
current views with respect to future events, the outcome of which is
subject to certain risks, including, among others: general competitive
conditions, including actions our competitors and content providers may
take to grow their businesses; a decline in college enrollment or
decreased funding available for students; decisions by colleges and
universities to outsource their physical and/or online bookstore
operations or change the operation of their bookstores; implementation
of our digital strategy may not result in the expected growth in our
digital sales and/or profitability; risk that digital sales growth does
not exceed the rate of investment spend; the performance of our online,
digital and other initiatives, integration of and deployment of,
additional products and services including new digital channels, and
enhancements to higher education digital products, and the inability to
achieve the expected cost savings; the risk of price reduction or change
in format of course materials by publishers, which could negatively
impact revenues and margin; the general economic environment and
consumer spending patterns; decreased consumer demand for our products,
low growth or declining sales; the strategic objectives, successful
integration, anticipated synergies, and/or other expected potential
benefits of various acquisitions, including MBS Textbook Exchange, LLC
and Student Brands, LLC, may not be fully realized or may take longer
than expected; the integration of the operations of various
acquisitions, including MBS Textbook Exchange, LLC and Student Brands,
LLC, into our own may also increase the risk of our internal controls
being found ineffective; changes to purchase or rental terms, payment
terms, return policies, the discount or margin on products or other
terms with our suppliers; our ability to successfully implement our
strategic initiatives including our ability to identify, compete for and
execute upon additional acquisitions and strategic investments; risks
associated with operation or performance of MBS Textbook Exchange, LLC’s
point-of-sales systems that are sold to college bookstore customers;
technological changes; risks associated with counterfeit and piracy of
digital and print materials; our international operations could result
in additional risks; our ability to attract and retain employees; risks
associated with data privacy, information security and intellectual
property; trends and challenges to our business and in the locations in
which we have stores; non-renewal of managed bookstore, physical and/or
online store contracts and higher-than-anticipated store closings;
disruptions to our information technology systems, infrastructure and
data due to computer malware, viruses, hacking and phishing attacks,
resulting in harm to our business and results of operations; disruption
of or interference with third party web service providers and our own
proprietary technology; work stoppages or increases in labor costs;
possible increases in shipping rates or interruptions in shipping
service; product shortages, including risks associated with merchandise
sourced indirectly from outside the United States; changes in domestic
and international laws or regulations, including U.S. tax reform,
changes in tax rates, laws and regulations, as well as related guidance;
enactment of laws which may restrict or prohibit our use of emails or
similar marketing activities; the amount of our indebtedness and ability
to comply with covenants applicable to any future debt financing; our
ability to satisfy future capital and liquidity requirements; our
ability to access the credit and capital markets at the times and in the
amounts needed and on acceptable terms; adverse results from litigation,
governmental investigations, tax-related proceedings, or audits; changes
in accounting standards; and the other risks and uncertainties detailed
in the section titled “Risk Factors” in Part I - Item 1A in our Annual
Report on Form 10-K for the year ended April 28, 2018. Should one or
more of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results or outcomes may vary
materially from those described as anticipated, believed, estimated,
expected, intended or planned. Subsequent written and oral
forward-looking statements attributable to us or persons acting on our
behalf are expressly qualified in their entirety by the cautionary
statements in this paragraph. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise after the date of this press
release.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181218005155/en/
Media:
Carolyn J. Brown
Senior
Vice President
Corporate Communications and Public Affairs
Barnes
& Noble Education, Inc.
(908) 991-2967
cbrown@bned.com
Investors:
Thomas D. Donohue
Senior
Vice President
Treasurer and Investor Relations
Barnes & Noble
Education, Inc.
(908) 991-2966
tdonohue@bned.com
Source: Barnes & Noble Education, Inc.