John Wiley & Sons Inc Class A WLY shares are trading lower by 10.6% to $30.96 Tuesday morning. The company announced the departure of Brian Napack as President and CEO, with Matthew Kissner appointed as Interim CEO.
John Wiley & Sons says this change is part of a value creation plan introduced in June, which focuses on strengthening Wiley's core businesses, divesting non-core assets, and streamlining operations.
The company says fiscal 2024 is considered a transition year, with the plan's benefits expected in fiscal years 2025 and 2026. John Wiley & Sons highlighted that Matthew Kissner, a seasoned Wiley executive, will lead this transition, leveraging his expertise to improve profitability and performance.
The company remains confident in its market leadership in research and plans for future growth. The board also aims to develop the next generation of leadership at Wiley.
According to data from Benzinga Pro, WLY has a 52-week high of $49.58 and a 52-week low of $30.05.
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