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BASKING RIDGE, N.J. - Barnes & Noble Education, Inc. (NYSE: BNED), a prominent provider of educational solutions, has announced the recent appointments of Christopher Neumann as General Counsel & Corporate Secretary and Gary Luster as Chief Accounting Officer, effective last Monday.
Christopher Neumann brings a wealth of experience from his previous role as General Counsel & Corporate Secretary at Six Flags, where he led legal and corporate governance functions, including during a significant $8 billion merger. His background also includes a stint at Kaplan, where he oversaw the North American legal function. Neumann’s appointment is expected to enhance BNED’s legal framework and business strategy. He holds a JD from St. John’s University School of Law, where he graduated magna cum laude.
Gary Luster joins BNED with a strong accounting and finance background, having held leadership roles at TerrAscend, Capri Holdings, Tiffany & Co., and the former consumer health division of Novartis. His expertise in financial transformations and implementing controls is anticipated to strengthen BNED’s business strategy and operational efficiencies. Luster is a CPA and holds both a BA and an MBA from Rutgers University.
Jonathan Shar, CEO of BNED, expressed confidence that the extensive experience and proven track records of both Neumann and Luster will be instrumental in strengthening the company, optimizing processes, and aligning strategies with industry best practices for long-term growth and enhanced shareholder value.
Barnes & Noble Education, Inc. operates across hundreds of academic institutions nationwide, focusing on affordability, access, and achievement in education. The company’s family of brands provides campus retail services, academic solutions, and more.
The press release also contains forward-looking statements regarding the expected benefits of the new appointments. However, these statements are subject to risks, including the integration of new leadership and retention of key employees. Recent InvestingPro data shows the company’s stock has declined significantly over the past year, with analysts not anticipating profitability in the current fiscal year. This information is based on a press release statement and financial market data.
In other recent news, Barnes & Noble Education has completed a $40 million stock sale through an At-the-Market equity offering program with BTIG, LLC, aimed at reducing annual interest expenses and acquiring new customers. Additionally, the company filed a mixed-use shelf offering to potentially raise up to $100 million, which provides flexibility in optimizing its capital structure. Barnes & Noble Education has also realigned its financial reporting segments, consolidating them into a single operating and reporting segment, as detailed in a recent SEC filing. This realignment follows a change in the company’s Chief Operating Decision Maker and is intended to enhance transparency in financial reports. Furthermore, the company announced executive changes, with Kevin Watson stepping down as CFO and Jason Snagusky taking over the role, effective January 4, 2025. Seema Paul, the Chief Accounting Officer, will also depart by the end of December 2024. These developments are part of Barnes & Noble Education’s ongoing efforts to navigate industry shifts while maintaining leadership continuity.
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