Deborah Wiley will retire from her position as svp, corporate communications of John Wiley & Sons at the end of the year, though she will continue to serve as chairman of the Wiley Foundation. Susan Spilka will succeed her as vp, corporate communications on January 1, 2011. CEO William Pesce, also retiring soon, says in the announcement: “I want to take this opportunity to express my heartfelt gratitude to Deborah and to acknowledge her many contributions during her 42 years at the Company. She has diligently served Wiley in a wide variety of business, corporate, and governance roles, working her […]
Finance
More on Key Porter
Following yesterday’s news of severe staff reductions at Key Porter Books, chairman of parent company HB Fenn confirmed that 11 of 17 employees have been laid off–with the just one editor remaining, editor-in-chief Linda Pruessen. Fenn said in an interview, “We acquired Key Porter in July 2004 and over the years have invested financially and administratively in trying to developing a publishing program that is profitable. But looking at the fiscal year that began May 1, we’re not seeing that improvement. It’s come to the point where we can no longer support the current structure at Key Porter the size […]
Canada’s Key Porter Books Lays Off 15, Closes Toronto Office
The National Post reports that Canadian imprint Key Porter Books “is drastically downscaling its operations” dismissing a “reported 15 or so employees” yesterday and transferring others to parent company HB Fenn’s offices in Bolton, Ontario. The line is closing their Toronto office. Now-former head of special and corporate sales Paula Sloss tells the paper, “Business has been very challenging right across the board for all publishers right now. There was concern. But it was a shock that it happened today, and a shock that it was so abrupt.” As they write, Key Porter “has traditionally been strong in Canadian-oriented non-fiction.”Article
Borders Delays Their Vote Until Tomorrow
At the last minute Borders has postponed the special shareholders meeting that was set for today in Ann Arbor until the end of day tomorrow. They say “while support for the proposals contained in the proxy statement has been strong, there are a significant number of shareholders who have not yet had the opportunity to vote and we want to give them time to consider the proposals and vote.” The ballot essentially gives shareholders the “option” of giving Bennett LeBow a massive option package–or else he gets “stock appreciation rights” that pay him anyway if the stock moves above the […]
For Barnes & Noble, the Vote Is Over But the Potential Sale Is Just Beginning
The Barnes & Noble proxy fight is over but the more significant drama–will the chain be sold or restructured–will continue for what could be months. Press accounts generally concur with a NYT report from over a week ago indicating that about 20 parties have at least expressed interest in looking at the company’s books. Most are thought to be private equity players, but there are “some strategic” companies looking as well, according to the WSJ. Sources tell the Times that preliminary bids are due in October, though reelected chairman Len Riggio says he hopes the process will be completed “within […]
Riggio Re-Elected to Barnes & Noble Board; Yucaipa Poison Pill Amendment Defeated
It was a melancholy hometown crowd of about 250 Barnes & Noble shareholders and employees who filled the auditorium at the Asia Society this morning for the company’s annual meeting, but when the proxy election results were announced the room erupted in applause. Chairman Len Riggio and the company’s other nominees won election to the board, and Yucaipa’s effort to amend Barnes & Noble’s poison pill was also defeated. Riggio declared, “this has not been an easy four or five months…but this has been a very great day.” Earlier in the meeting, in a brief moment of personal reflection, Riggio […]