Scholastic (NASDAQ: SCHL) announced today the appointment of Haji Glover as the company's Executive Vice President & Chief Financial Officer, effective January 22, 2024. This news comes as the company's stock experienced a 2.8% increase, reaching a trading price of $37.72 per share.
Peter Warwick, President and Chief Executive Officer of Scholastic, expressed his confidence in Glover's capabilities, stating, "Haji's broad experience and proven track-record as a forward-looking, growth-oriented finance leader will be instrumental in driving growth and financial performance. As someone who knows Scholastic well, Haji is well positioned to drive change and impact here, using his experience and perspective."
Warwick also thanked Ken Cleary, the current CFO, for his contributions to Scholastic's finance organization and expressed excitement about Cleary's transition to his new role as President of International.
In response to his appointment, Glover conveyed his enthusiasm, stating, "I am thrilled to rejoin Scholastic in this new role at such an important moment in the company's history. Scholastic is in the midst of an exciting transformation that is a testament to Peter and the team's commitment to delivering results and shareholder value, while continuing to invest in the future of the company."
Glover brings over 27 years of financial planning, analysis, and corporate finance experience to Scholastic. Most recently, he served as the director of finance at Amazon, where he led the finance organization supporting the People Experience and Technology (PXT) division. Prior to joining Amazon, Glover held the role of Senior Vice President of Corporate Finance at Scholastic from 2020 to 2022.
Scholastic Corporation, established for over 100 years, is recognized as the world's largest publisher and distributor of children's books, a leading provider of literacy curriculum, professional services, and classroom magazines, and a producer of educational and entertaining children's media.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (MM) | $1,628 | $1,654 | $1,487 | $1,300 | $1,643 | $1,704 |
| Revenue Growth | n/a | 1.57% | -10.09% | -12.56% | 26.35% | 3.72% |
| Operating Margins | 3% | 2% | -6% | -2% | 6% | 6% |
| Net Margins | 0% | 1% | -3% | -1% | 5% | 5% |
| Net Income (MM) | -$5 | $16 | -$44 | -$11 | $81 | $86 |
| Net Interest Expense (MM) | $2 | $2 | $3 | $6 | $3 | $1 |
| Diluted Shares (MM) | 36 | 35 | 34 | 36 | 35 | 32 |
| Free Cash Flow (MM) | $20 | $21 | -$61 | $24 | $184 | $87 |
| Capital Expenditures (MM) | $122 | $95 | $63 | $47 | $42 | $62 |
| Current Ratio | 1.59 | 1.57 | 1.83 | 1.53 | 1.49 | 1.31 |
| Total Debt (MM) | $16 | $7 | $218 | $190 | $6 | $6 |
