– USA, NJ – Barnes & Noble Education, Inc. (NYSE:BNED), one of the largest contract operators of physical and virtual bookstores for higher education and K-12 institutions across the United States, one of the largest textbook wholesalers, and a leading provider of digital education services, today announced that Max J. Roberts has informed the Board of Directors of his decision to retire and has submitted his resignation as Chief Executive Officer, effective September 19, 2017. Mr. Roberts will not stand for re-election to the Board of Directors at the 2017 annual meeting of stockholders.
The Board of Directors has appointed Michael P. Huseby as Chief Executive Officer, effective September 19, 2017. Mr. Huseby will also serve as Chairman of the Board of Directors, after having served as Executive Chairman of the Board of Directors since 2015. Mr. Huseby has more than 20 years of financial and executive experience, having served as a senior executive at Barnes & Noble, Inc. (including serving as CEO), Cablevision Systems Corporation, Charter Communications and AT&T Broadband.
As CEO of BNED since its spin-off from Barnes & Noble, Inc. in 2015, Mr. Roberts was instrumental in successfully executing a number of strategic growth initiatives, including the acquisition of LoudCloud and the recent acquisition of MBS Textbook Exchange. Over his 21-year career with Barnes & Noble College, as President for 18 years and CEO for the past three years, Mr. Roberts’ accomplishments centered on collaborating with campus partners to transform bookstores into strategic assets for educational institutions. Under his leadership during this period, Barnes & Noble College enjoyed steady growth in its core business. In the coming months, Mr. Roberts will work with Mr. Huseby to transition his CEO responsibilities.
Mr. Roberts stated, “It has been an absolute privilege to work with the most dedicated and astute group of professionals to support our partner universities in guiding students across the country to success in the classroom and beyond. My time with Barnes & Noble College and Barnes & Noble Education has been the most rewarding experience of my professional life, and I could not be more confident about the future of Barnes & Noble Education.”
“On behalf of the entire Board, I want to thank Max for his many contributions, including having led the Company management team the past two years following BNED’s spin-off from Barnes & Noble, Inc. Max has been a focused and dedicated leader who is completely devoted to our mission and people. We wish him the very best in his well-deserved retirement,” said Mr. Huseby. “Our people look forward to executing on our mission to improve academic outcomes with our comprehensive offering of relevant and affordable products, high-touch services and innovative learning platforms, which we expect to create substantial long-term value for our partners, employees and shareholders over time.”
Vice Admiral John R. Ryan, Lead Independent Director, concluded, “The Company and Board have benefited under Mike’s stewardship as Executive Chairman, and we are pleased to appoint him as CEO. His leadership skills and strategic vision will be crucial assets as we continue to navigate the dynamic educational services market. It is an exciting time in the Company’s history and we look forward to working with Mike and the strong management team in place at BNED to execute upon the Company’s strategy.”
About Michael Huseby
Mr. Huseby previously served as Chief Executive Officer at Barnes & Noble, Inc. from January 2014 until August 2015, when BNED completed its legal and structural separation from Barnes & Noble, Inc. Prior to being appointed as Chief Executive Officer of Barnes & Noble, Inc., Mr. Huseby was President of Barnes & Noble, Inc. from July 2013, and Chief Financial Officer of Barnes & Noble, Inc. from March 2012. From 2004 to 2011, Mr. Huseby served as Executive Vice President and Chief Financial Officer of Cablevision Systems Corporation, a leading telecommunications and media company, which was acquired by the Altice Group in June 2016. He served on the Cablevision Systems Corporation Board of Directors in 2000 and 2001.
Prior to joining Cablevision, Mr. Huseby served as Executive Vice President and Chief Financial Officer of Charter Communications, Inc., a large cable operator in the United States. Mr. Huseby served on the Board of Directors of Charter Communications from May 2013 through May 2016. From 1999 to 2002, Mr. Huseby served as Executive Vice President, Finance and Administration, of AT&T Broadband, a provider of cable television services. In addition, Mr. Huseby spent over 20 years at Arthur Andersen, LLP and Andersen Worldwide, S.C., where he held the position of Global Equity Partner. Mr. Huseby serves on the Board of Directors of CommerceHub, Inc., a cloud-based e-commerce fulfillment and marketing software platform company listed on NASDAQ.
About Barnes & Noble Education, Inc.
Barnes & Noble Education, Inc. (NYSE: BNED), one of the largest contract operators of physical and virtual bookstores for higher education and K-12 institutions across the United States, one of the largest textbook wholesalers, and a leading provider of digital education services, enhances the academic and social purpose of educational institutions. Through its Barnes & Noble College and MBS subsidiaries, Barnes & Noble Education operates 1,481 physical and virtual bookstores and serves more than 6 million students, delivering essential educational content and tools within a dynamic retail environment. Through LoudCloud, its digital education platform, Barnes & Noble Education offers a suite of digital software, content and services that include predictive analytics, OER courseware, competency-based solutions and a learning management system. Barnes & Noble Education acts as a strategic partner to drive student success; provide value and support to students and faculty; and create loyalty and improve retention, all while supporting the financial goals of college and university partners.
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