Barnes & Noble Education, Inc. (NYSE: BNED), a
leading solutions provider for the education industry, today
announced leadership changes in its Retail segment, currently the
Company’s largest operating unit, that will enable BNED to
accelerate the execution of its strategy and better align its cost
structure with current business trends by consolidating certain
leadership roles.
Jonathan Shar has been appointed to the newly created position
of Executive Vice President, Retail and Client Solutions, effective
immediately. In this role, Mr. Shar will have overall
responsibility for the growth and profitability of the Retail
segment, including the development and implementation of
client-focused solutions that deliver innovation and increased
value to the higher education marketplace.
The Company also announced that Lisa Malat has been appointed
President of Barnes & Noble College (BNC), effective
immediately. In this role, Ms. Malat will have overall
responsibility for the growth and profitability of BNC, providing
strategic direction and operational leadership across the business,
which manages physical campus bookstores and e-commerce sites
nationwide.
Both Mr. Shar and Ms. Malat will continue to report directly to
Michael P. Huseby, Chief Executive Officer and Chairman of
BNED.
“Both Lisa and Jonathan have made significant contributions to
our company as we’ve evolved our offerings to best serve our
rapidly changing Retail market,” said Michael P. Huseby, Chief
Executive Officer and Chairman, BNED.
“Since joining BNED in 2018, Jonathan has contributed
significantly to our current strategy and has also brought
essential customer and product perspectives to our team. He has led
the development and implementation of valuable new solutions,
including our new Adoption & Insights Portal, and continues to
lead the design of our new e-commerce delivery system. His product
delivery and personal engagement have also significantly
contributed to our success in gaining new business. In his new
role, Jonathan’s leadership and deep expertise in scaling valuable
digital offerings, coupled with his new oversight of our physical
courseware delivery, will accelerate our ability to deliver new
innovative solutions, including our FirstDay™ Complete courseware
delivery model, which is rapidly gaining market momentum with our
campus partners.”
“Lisa has been a key contributor to BNC for more than two
decades. She became Chief Operating Officer of BNC in 2018, and,
since that time, she has been instrumental in developing our new
go-to-market strategy, which has proven very effective in driving
new business growth. She has led the development and implementation
of our strategy for a reimagined omnichannel collegiate retail
experience and continues to lead our strategy to accelerate growth
in General Merchandise, one of the largest revenue opportunities
for the Company. During a challenging time in our retail business,
Lisa has demonstrated strong strategic and operational leadership
that will greatly benefit the teams she will now lead that directly
serve our campus partners and students.”
“I look forward to continuing to work closely with Jonathan and
Lisa. I’m excited about the positive impact their individual and
combined leadership strengths will have on BNED’s ability to
accelerate the creation of customer and shareholder value as we
execute our growth initiatives.”
BNED also announced that Barry Brover’s positions as Executive
Vice President, Operations of BNED and Executive Vice President of
BNC have been eliminated and that he will be leaving the Company at
the end of the current fiscal year. Mr. Brover’s former
responsibilities are now shared by Ms. Malat and Mr. Shar in their
new roles.
“On behalf of the entire BNED Board and management team, I would
like to thank Barry for his many contributions over his 34 years of
service to BNED,” said Mr. Huseby. “Barry has been an important
part of BNED’s evolution from the very early successes of BNC to
BNED’s more recent transition from a private to a public company.
His financial and operational leadership truly helped advance
BNED’s mission and our ability to better serve our campus partners,
faculty, students, employees and other stakeholders. We are
grateful that Barry has agreed to work with our management team
through the end of the fiscal year to ensure a smooth transition,
and we wish him only the best in his future endeavors.”
ABOUT BARNES & NOBLE EDUCATION, INC.
Barnes & Noble Education, Inc. (NYSE: BNED) is a
leading solutions provider for the education industry, driving
affordability, access and achievement at hundreds of academic
institutions nationwide and ensuring millions of students are
equipped for success in the classroom and beyond. Through its
family of brands, BNED offers campus retail services and academic
solutions, a digital direct-to-student learning ecosystem,
wholesale capabilities and more. BNED is a company serving all who
work to elevate their lives through education, supporting students,
faculty and institutions as they make tomorrow a better, more
inclusive and smarter world. For more information, visit
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 may not be
fully realized or may take longer than expected; the integration of
the operations of various acquisitions 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 decreases in the used textbook inventory
supply associated with the implementation of publishers’ direct to
student textbook consignment rental programs, as well as 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 or
changes in enforcement practices which may restrict or prohibit our
use of texts, emails, interest based online advertising, recurring
billing or similar marketing and sales 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 27,
2019. 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/20200211005950/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
Executive Vice President Chief Financial Officer Barnes & Noble
Education, Inc. (908) 991-2966 tdonohue@bned.com
Barnes and Noble Education (NYSE:BNED)
Historical Stock Chart
From Mar 2024 to Apr 2024
Barnes and Noble Education (NYSE:BNED)
Historical Stock Chart
From Apr 2023 to Apr 2024