BOSTON, March 10, 2016 /PRNewswire/ -- Global
learning company Houghton Mifflin Harcourt (NASDAQ: HMHC) (HMH)
today announced that Joseph P. Abbott,
Jr. will succeed Eric Shuman,
who will be retiring from his role as the company's Chief Financial
Officer (CFO). The change will be effective March 14, 2016 and Shuman will stay on in an
advisory capacity until July 1, 2016
to ensure a smooth transition.
"Eric has led HMH's global finance function during a time of
major transformation. He has been a trusted advisor and strategic
partner since I joined HMH five years ago, playing an instrumental
role in the formative corporate milestones that have influenced the
solid financial position HMH is in today," said Linda K. Zecher, President and Chief Executive
Officer, HMH. "I would like to thank Eric for his contributions to
HMH and wish him all the best in his retirement."
Shuman joined HMH in 2009 as Chief Operating Officer and was
appointed CFO in 2011. In his time at HMH, he has spearheaded the
company's financial transformation, including a major financial
restructuring, HMH's 2013 initial public offering, multiple
strategic acquisitions and more. Prior to joining HMH, his long
track record included a variety of leadership roles with Thomson
Lifelong Learning Group and Thomson Learning, including Chief
Executive Officer and Chief Financial Officer. Eric began his
career at Coopers & Lybrand (now PwC) where he became Partner
of the General Audit Practice, working with clients from start-ups
to the Fortune 100 across a variety of industries.
"I am proud to have played a part in the evolution and financial
success of an institution like Houghton Mifflin Harcourt. I have
been fortunate to work with a talented and passionate
team," said Shuman. "I look forward to working with Joe to
ensure a seamless transition, and beyond that, to spend more time
with family and enjoy other pursuits."
Abbott joins HMH from Morgan Stanley where as an investment
banker in the Global Media and Communications Group, he led the
firm's advisory of clients in the education content and information
services sectors. He has been involved in many important
transactions within the education sector over the last ten years
and brings a diverse combination of strategic, financial and
investor relations expertise.
"We are thrilled to welcome Joe to HMH where his deep insight
and knowledge of our industry and unique investor perspective will
position him well to execute on our financial vision and continue
to deliver shareholder value," continued Zecher.
Prior to Morgan Stanley, Abbott served as an officer in
the United States Navy where he
held leadership roles aboard a ballistic missile submarine and as
an assistant professor of Naval Science at Northwestern University. He received his M.B.A.
from the Kellogg School of Management and a B.S. from the United
States Naval Academy.
About Houghton Mifflin Harcourt
Houghton Mifflin Harcourt
(NASDAQ:HMHC) is a global learning company dedicated to changing
people's lives by fostering passionate, curious learners. As a
leading provider of pre-K–12 education content, services, and
cutting-edge technology solutions across a variety of media, HMH
enables learning in a changing landscape. HMH is uniquely
positioned to create engaging and effective educational content and
experiences from early childhood to beyond the classroom. HMH
serves more than 50 million students in over 150 countries
worldwide, while its award-winning children's books, novels,
non-fiction, and reference titles are enjoyed by readers throughout
the world. For more information, visit www.hmhco.com.
Follow HMH on Twitter, Facebook and YouTube.
Contact:
Investor Relations
Rima Hyder
Vice President, Investor Relations
(617) 351-3309
rima.hyder@hmhco.com
Media Relations
Bianca Olson
Senior Vice President, Corporate Affairs
(617) 351-3841 | (646) 932-1241
bianca.olson@hmhco.com
Forward Looking Statements
This news release may contain certain statements that are not
historical facts, including information regarding our intentions,
beliefs or current expectations concerning, among other things, our
results of operations, financial condition, liquidity, prospects,
growth, strategies, the industry in which we operate and potential
business decisions. Those statements constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause our actual results to differ materially
from the results expressed in or implied by our forward-looking
statements, including, but not limited to, changes in state and
local education funding and/or related programs, legislation and
procurement processes; adverse or worsening economic trends or the
continuation of current economic conditions; changes in consumer
demand for, and acceptance of, our products; industry cycles and
trends; conditions and/or changes in the publishing industry; and
other factors discussed in our news releases, public statements
and/or filings with the U.S. Securities and Exchange Commission,
including our most recent Annual and Quarterly Reports on Form 10-K
and Form 10-Q. We undertake no obligation, and do not expect, to
publicly update or publicly revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
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