Educational Development Corporation Announces Executive Management Change
13 Juillet 2021 - 11:00PM
Educational Development Corporation (“EDC”, or the “Company”)
(NASDAQ: EDUC) today announced that Randall White is transitioning
from his role as President and Chief Executive Officer to active
Executive Chairman. Craig White, Chief Operating Officer, has been
promoted to Chief Executive Officer and President of the Company.
All changes became effective on July 13, 2021. Craig White has also
been appointed and unanimously approved to the Company’s Board of
Directors.
Effective July 13, 2021, Randall White will serve as Executive
Chairman, and in that capacity will remain active to inform the
Board of Directors on the Company’s performance, continue mentoring
key executives, and serve as an advisor to the day-to-day and
strategic operations of the Company. Randall will also remain as
Chairman of the Board.
“It has been my honor and privilege to serve as President and
Chief Executive Officer of Educational Development Corporation. We
are strong financially, operationally, and well positioned for
continued growth with over 200 million in annual revenues. On
behalf of myself and the Board of Directors, we are pleased to
appoint Craig White as new President and Chief Executive Officer of
EDC. Craig has served alongside me at EDC for over 30 years and his
experience and accomplishments have prepared him for this exact
opportunity,” said Randall White. “I am confident that Craig, along
with all the members of our team, will continue to position EDC for
growth while focusing on driving shareholder value for decades to
come. Having served over 35 years as President and CEO, I feel this
is the right time for a leadership transition. I remain confident
and vested in the long-term success of the Company by continuing as
Chairman of the Board and remaining the largest individual
shareholder. I am also excited to continue my active involvement as
Executive Chairman. This Company has been my life’s work and
passion. It has truly been my honor and a privilege to serve our
salesforce, our employees and our shareholders,” concluded Randall
White.
Craig White commented, “I am extremely proud of the opportunity
to continue to build on the legacy that Randall has created at EDC.
I have spent most of my life seeing the difference our Company
makes in the lives of so many through our literacy mission, and it
is my distinct privilege to be able to lead us into the future.
Randall has served as a mentor to me, and I look forward to him
continuing to serve in his new role as Executive Chairman.
Randall’s guidance and industry knowledge is invaluable as we
continue to lead EDC. We have a strong management team, and I am
delighted to have Heather Cobb, our Chief Sales and Marketing
Officer and Dan O’Keefe, our Chief Financial Officer by my side.
The Company’s guiding principles of fiscal conservatism and value
creation remain unchanged. I look forward to the continued success
of EDC and to delivering long-term value to our shareholders.”
Craig White joined the Company in 1983 and has served in various
roles. Craig most recently served as Chief Operating Officer since
August of 2018. Previously, Craig led the Company’s IT team
building proprietary software systems and has overseen several
software upgrades and implementations. Over the past five years,
Craig has collaborated with partners and vendors to build and
implement state-of-the-art distribution software and pick lines.
Craig’s efforts have been notably successful as he was recently
featured on the cover of Modern Material Handling magazine
recognizing EDC as one of the most innovative and efficient
distribution systems in the industry. Craig graduated from Oklahoma
State University with a bachelor’s degree in Electrical and
Computer Engineering.
About Educational Development
Corporation (EDC)
EDC is a publishing company specializing in
books for children. EDC is the exclusive United States trade
co-publisher of the line of educational children’s books produced
in the United Kingdom by Usborne Publishing Limited (“Usborne”) and
we also exclusively publish books through our ownership of Kane
Miller Book Publisher (“Kane Miller”); both international
award-winning publishers of children’s books. EDC’s current
catalog contains over 2,000 titles, with new additions
semi-annually. Both Usborne and Kane Miller products are sold
via 4,000 retail outlets and by independent consultants, who hold
book showings in individual homes, through social media, book fairs
with school and public libraries, direct and internet
sales.
Contact:Educational Development
CorporationRandall White, (918) 622-4522
Investor Relations:Three Part Advisors,
LLCSteven Hooser, (214) 872-2710
Cautionary Statement for the Purpose of the “Safe
Harbor” Provision of the Private Securities Litigation Reform Act
of 1995.
The information discussed in this Press Release
includes “forward-looking statements.” These forward-looking
statements are identified by their use of terms and phrases such as
“may,” “expect,” “estimate,” “project,” “plan,” “believe,”
“intend,” “achievable,” “anticipate,” “continue,” “potential,”
“should,” “could,” and similar terms and phrases. Although we
believe that the expectations reflected in these forward-looking
statements are reasonable, they do involve certain assumptions,
risks and uncertainties and we can give no assurance that such
expectations or assumptions will be achieved. Known and unknown
risks, uncertainties and other factors may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to, our
success in recruiting and retaining new consultants, our ability to
locate and procure desired books, our ability to ship the volume of
orders that are received without creating backlogs, our ability to
obtain adequate financing for working capital and capital
expenditures, economic and competitive conditions, regulatory
changes and other uncertainties, the COVID-19 pandemic, as well as
those factors discussed in our Annual Report on Form 10-K for the
year ended February 28, 2021, all of which are difficult to
predict. In light of these risks, uncertainties and assumptions,
the forward-looking events discussed may not occur. All
forward-looking statements attributable to us or persons acting on
our behalf are expressly qualified in their entirety by the
cautionary statements in this paragraph and elsewhere in our Annual
Report on Form 10-K for the year ended February 28, 2021 and speak
only as of the date of this Press Release. Other than as required
under the securities laws, we do not assume a duty to update these
forward-looking statements, whether as a result of new information,
subsequent events or circumstances, changes in expectations or
otherwise.
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