Barnes & Noble Education, Inc. (NYSE: BNED), a leading
solutions provider for the education industry, today announced that
Kevin F. Watson has been named Chief Financial Officer, effective
September 7, 2023. Mr. Watson will report directly to Michael P.
Huseby, Chief Executive Officer, BNED.
Mr. Watson is a seasoned executive with more than 20 years of
global finance, accounting, capital markets, business
transformation and transactional experience across diverse
industries. As CFO at Barnes & Noble Education, Mr. Watson will
be responsible for the financial management of the Company,
including leading the Accounting, Treasury, Tax, Financial
Planning, Financial Operations, Internal Audit and Investor
Relations teams.
“We are pleased to welcome Kevin to Barnes & Noble Education
as our new Chief Financial Officer,” said Michael P. Huseby, Chief
Executive Officer, BNED. “Kevin's unique combination of financial,
operational and capital markets expertise is a strong complement to
the existing executive leadership team at this important time in
our transformation. Kevin has a track record of delivering results
and transforming companies to drive value creation and will be a
tremendous asset to our company.”
Prior to joining BNED, Mr. Watson served as Executive Vice
President and Chief Financial Officer for Paraco Gas Corporation,
one of the largest privately held energy distributors and service
providers in the United States. There, he oversaw finance,
accounting, tax, internal audit, human resources, information
technology, supply chain, business intelligence, risk management,
and mergers and acquisitions. While at Paraco, Mr. Watson
spearheaded strategic and transformative initiatives to pursue
growth objectives, increase efficiencies and strengthen the
company’s market share.
Before joining Paraco Gas in 2018, Mr. Watson successfully led
select financing transactions such as a company leveraged buyout by
a private-equity consortium, IPOs, spin-offs, mergers and
acquisitions, and private and public debt financings on senior
executive teams at Cablevision Systems Corporation, PanAmSat
Corporation, and Entex IT Service. In addition, Mr. Watson held a
variety of finance roles at MCI Telecommunications and Prudential
Securities, Inc.
“I am thrilled to join Barnes & Noble Education at an
exciting time in the Company’s transformation. I look forward to
working with the leadership team and the Board as we continue to
execute on our strategic priorities by focusing on achieving
sustained growth and profitability and consistent execution, which
we expect to deliver significant long-term value for shareholders,”
said Mr. Watson.
Mr. Watson holds a Bachelor of Business Administration in
Finance from Iona University.
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, 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: the amount of
our indebtedness and ability to comply with covenants applicable to
current and /or 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; our ability to maintain adequate
liquidity levels to support ongoing inventory purchases and related
vendor payments in a timely manner; our ability to attract and
retain employees; the pace of equitable access adoption in the
marketplace is slower than anticipated and our ability to
successfully convert the majority of our institutions to our BNC
First Day® equitable and inclusive access course material models or
successfully compete with third parties that provide similar
equitable and inclusive access solutions; the strategic objectives,
successful integration, anticipated synergies, and/or other
expected potential benefits of various strategic and restructuring
initiatives, may not be fully realized or may take longer than
expected; dependency on strategic partnerships, such as with
VitalSource Technologies, Inc. and the Fanatics Retail Group
Fulfillment, LLC, Inc. (“Fanatics”) and Fanatics Lids College, Inc.
D/B/A "Lids" (“Lids”) (collectively referred to herein as the “F/L
Partnership”), and the potential for adverse operational and
financial changes to these partnerships, may adversely impact our
business; non-renewal of managed bookstore, physical and/or online
store contracts and higher-than-anticipated store closings;
decisions by colleges and universities to outsource their physical
and/or online bookstore operations or change the operation of their
bookstores; general competitive conditions, including actions our
competitors and content providers may take to grow their
businesses; the risk of changes in price or in formats of course
materials by publishers, which could negatively impact revenues and
margin; changes to purchase or rental terms, payment terms, return
policies, the discount or margin on products or other terms with
our suppliers; product shortages, including decreases in the used
textbook inventory supply associated with the implementation of
publishers’ digital offerings and direct to student textbook
consignment rental programs; work stoppages or increases in labor
costs; possible increases in shipping rates or interruptions in
shipping services; a decline in college enrollment or decreased
funding available for students; decreased consumer demand for our
products, low growth or declining sales; the general economic
environment and consumer spending patterns; trends and challenges
to our business and in the locations in which we have stores; 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, including the adoption of
artificial intelligence technologies for educational content; risks
associated with counterfeit and piracy of digital and print
materials; risks associated with data privacy, information security
and intellectual property; disruptions to our information
technology systems, infrastructure, data, supplier systems, and
customer ordering and payment systems 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; risks associated with the impact that public health
crises, epidemics, and pandemics, such as the COVID-19 pandemic,
have on the overall demand for BNED products and services, our
operations, the operations of our suppliers and other business
partners, and the effectiveness of our response to these risks;
lingering impacts that public health crises may have on the ability
of our suppliers to manufacture or source products, particularly
from outside of 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, or similar marketing and sales
activities; 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 Form 10-K for the year-ended April 29, 2023. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230906629496/en/
Media: Hunter Blankenbaker Vice President Corporate
Communications and Investor Relations Barnes & Noble Education,
Inc. (908) 991-2776 hblankenbaker@bned.com
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