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. BrownSenior
Vice PresidentCorporate Communications and Public AffairsBarnes
& Noble Education, Inc.(908) 991-2967cbrown@bned.com
Investors:Thomas D.
DonohueSenior Vice PresidentTreasurer and Investor RelationsBarnes
& Noble Education, Inc.(908) 991-2966tdonohue@bned.com
Barnes and Noble Education (NYSE:BNED)
Historical Stock Chart
From Apr 2024 to May 2024
Barnes and Noble Education (NYSE:BNED)
Historical Stock Chart
From May 2023 to May 2024