Houghton Mifflin Harcourt (HMHC) CEO Zecher Resigns; Updates FY16 Outlook

September 22, 2016 4:13 PM EDT
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Houghton Mifflin Harcourt (Nasdaq: HMHC) announced that President and Chief Executive Officer Linda K. Zecher has resigned after five years in the role.

The Company Board of Directors has appointed L. Gordon Crovitz, a member of the board since 2012 and former publisher of The Wall Street Journal, as interim CEO while the search for a new CEO is underway. Zecher has also resigned from the Board of Directors.

"We would like to thank Linda for the progress made under her leadership, including the HMH Initial Public Offering, recruiting a world-class executive team, restructuring the Company to serve schools and students more effectively, migrating a significant part of the business to digital and launching a new consumer-focused effort," stated Lawrence K. Fish, Chairman of the Board of Directors.

"The Board decided this was a good time to begin a search for the next CEO, who will be charged with combining strengths across the Company to accelerate growth in the core business as well as in adjacent markets, while continuing a disciplined approach to spending," added Fish.

"I welcome the opportunity to work more closely with the team at HMH on the Company's mission of changing people's lives by fostering passionate, curious learners as it expands its leading position in pre-K-12 education content, services and technology solutions," said Crovitz, interim CEO of HMH.

HMH is also providing an updated outlook for its financial performance for the full year 2016. Based on the information to date and recognizing that the third quarter of 2016 is not yet complete, the Company's preliminary view is that billings will be at or near the low end of the Company's revised guidance of $1,525 million to $1,595 million for 2016. Considering the importance of the third quarter, HMH plans to provide a further update on its expected financial performance for the full year when it issues its third quarter earnings in November 2016.

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