Barnes & Noble Education Announces Senior Leadership Changes

a referrerpolicyunsafeurl targetblank hrefhttpsctsbusinesswirecomctCTidsmartlinkampurlhttp3A2F2Fwwwbnedcomampesheet51915614ampnewsitemid20181218005155amplanenUSampanchorBarnes26NobleEducation2CInc28NYSE3ABNED29ampindex1ampmd5e23665c8b5d2b92eea4d687f3011b026 relnofollowbBarnes amp Noble Education Inc NYSEBNEDba a leading provider of educational products and services solutions for higher education and K12 today announced that Barry Brover has been appointed Executive Vice President Operations of BNED and Executive Vice President of Barnes amp Noble College BNC effective January 1 2019 Thomas D Donohue Senior Vice President Treasurer and Investor Relations has been appointed to succeed Mr Brover as Executive Vice President Chief Financial Officer of BNED effective January 1 2019 In his new role Mr Donohue will continue to lead the Companys Treasury and Investor Relations functions Lisa Malat Chief Operating Officer of BNC will also assume expanded responsibilities including leading BNCs Marketing and Sales teams Mr Brover Mr Donohue and Ms Malat will each report directly to Michael P Huseby Chairman amp Chief Executive Officer BNED p p These appointments follow the decision by Patrick Maloney to retire as Executive Vice President Operations BNED and President BNC at the end of the fiscal year April 27 2019 Mr Maloneys responsibilities will be transitioned to Mr Brover Ms Malat and Mr Huseby David Henderson President of MBS Textbook Exchange a key subsidiary of BNED will report directly to Mr Huseby p p no quote On behalf of all our people I would like to thank Patrick for his valuable and legendary contributions throughout his 45year tenure with Barnes amp Noble College and for his leadership at BNED the past three years Because of the foundation Patrick had such a major role in building we are well positioned to continue to serve and deliver value to students school partners and our shareholders said Michael Huseby Chairman amp Chief Executive Officer BNED no quote We are excited about our growth prospects as we continue to advance BNEDs vision of becoming a premier provider of both physical and digital educational services Looking ahead I am grateful that Patrick has agreed to work with our management team to ensure a smooth transition of his leadership role p p no quote We are fortunate to have such a deep and talented team that is committed to leveraging both our digital and physical assets to meet the evolving needs of our industry and take BNED to the next level continued Mr Huseby no quote Barry Tom and Lisa are valued members of our senior leadership team I look forward to working with them in their new and expanded roles p p no quote It has been a privilege to lead the Companys operations since 2007 and I could not be more proud of all of the work that the Barnes amp Noble Education team has accomplished I believe BNED and its talented people have a bright future said Mr Maloney no quote Since beginning my career at Barnes amp Noble College as a student at CW Post the Company has evolved and grown significantly and I am confident that this is the right time to begin this transition I look forward to working with Mike Barry and Lisa in the coming months to achieve an orderly transition of responsibilities p p bABOUT BARNES amp NOBLE EDUCATION INCb p p bBarnes amp Noble Education Inc NYSE BNED bis a leading provider of higher education and K12 educational products and solutions Through its Barnes amp Noble College and MBS Textbook Exchange segments Barnes amp Noble Education operates 1450 physical and virtual bookstores across the US serving more than 6 million students and faculty Through its Digital Student Solutions segment the Company offers directtostudent products and services that help students study more effectively and improve academic performance enabling them to gain the valuable skills necessary to succeed after college The Company also operates one of the largest textbook wholesale distribution channels in the United States For more information please visit a referrerpolicyunsafeurl targetblank hrefhttpsctsbusinesswirecomctCTidsmartlinkampurlhttp3A2F2Fwwwbnedcomampesheet51915614ampnewsitemid20181218005155amplanenUSampanchorwwwbnedcomampindex2ampmd590d01b4eca1e627c770c3806a2250535 relnofollowwwwbnedcoma p p BNED companies include a referrerpolicyunsafeurl targetblank hrefhttpsctsbusinesswirecomctCTidsmartlinkampurlhttp3A2F2Fwwwbncollegecom2Fampesheet51915614ampnewsitemid20181218005155amplanenUSampanchorBarnes26NobleCollegeBooksellers2CLLCampindex3ampmd57be7a661c5cd98960ec4cf3f336f99b1 relnofollowBarnes amp Noble College Booksellers LLCa a referrerpolicyunsafeurl targetblank hrefhttpsctsbusinesswirecomctCTidsmartlinkampurlhttps3A2F2Fwwwmbsbookscom2Fampesheet51915614ampnewsitemid20181218005155amplanenUSampanchorMBSTextbookExchange2CLLCampindex4ampmd54c3e0122b3ee70a26985b5424cd95f4a relnofollowMBS Textbook Exchange LLCa a referrerpolicyunsafeurl targetblank hrefhttpsctsbusinesswirecomctCTidsmartlinkampurlhttp3A2F2Fwwwbnedloudcloudcom2Fampesheet51915614ampnewsitemid20181218005155amplanenUSampanchorBNEDLoudCloud2CLLCampindex5ampmd53bbc17e035f65dbadfbabbd1514ee145 relnofollowBNED LoudCloud LLCa a referrerpolicyunsafeurl targetblank hrefhttpsctsbusinesswirecomctCTidsmartlinkampurlhttp3A2F2Fwwwstudentbrandscom2Fampesheet51915614ampnewsitemid20181218005155amplanenUSampanchorStudentBrands2CLLCampindex6ampmd5682078ac60deabc769668e6ab7957eb2 relnofollowStudent Brands LLCa a referrerpolicyunsafeurl targetblank hrefhttpsctsbusinesswirecomctCTidsmartlinkampurlhttp3A2F2Fwwwcostorecom2Fpromoversity2Fwelcomeaspampesheet51915614ampnewsitemid20181218005155amplanenUSampanchorPromoversity2CLLCampindex7ampmd5e181526222830b7b914aa634b79b12a9 relnofollowPromoversity LLCa and a referrerpolicyunsafeurl targetblank hrefhttpsctsbusinesswirecomctCTidsmartlinkampurlhttps3A2F2Fwwwpaperratercom2Fampesheet51915614ampnewsitemid20181218005155amplanenUSampanchorPaperRater2CLLCampindex8ampmd5c518a37ade1f48658beb520be3995ae2 relnofollowPaperRater LLCa General information on Barnes amp Noble Education may be obtained by visiting the Companys corporate website a referrerpolicyunsafeurl targetblank hrefhttpsctsbusinesswirecomctCTidsmartlinkampurlhttp3A2F2Fwwwbnedcomampesheet51915614ampnewsitemid20181218005155amplanenUSampanchorwwwbnedcomampindex9ampmd5cfb56887072146a82ee02182282a5c6f relnofollowwwwbnedcoma p p bForward Looking Statementsb p p This press release contains certain forwardlooking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and information relating to us and our business that are based on the beliefs of our management as well as assumptions made by and information currently available to our management When used in this communication the words anticipate believe estimate expect intend plan will forecasts projections and similar expressions as they relate to us or our management identify forwardlooking statements Moreover we operate in a very competitive and rapidly changing environment New risks emerge from time to time It is not possible for our management to predict all risks nor can we assess the impact of all factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forwardlooking statements we may make In light of these risks uncertainties and assumptions the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forwardlooking statements Such statements reflect our current views with respect to future events the outcome of which is subject to certain risks including among others general competitive conditions including actions our competitors and content providers may take to grow their businesses a decline in college enrollment or decreased funding available for students decisions by colleges and universities to outsource their physical andor online bookstore operations or change the operation of their bookstores implementation of our digital strategy may not result in the expected growth in our digital sales andor profitability risk that digital sales growth does not exceed the rate of investment spend the performance of our online digital and other initiatives integration of and deployment of additional products and services including new digital channels and enhancements to higher education digital products and the inability to achieve the expected cost savings the risk of price reduction or change in format of course materials by publishers which could negatively impact revenues and margin the general economic environment and consumer spending patterns decreased consumer demand for our products low growth or declining sales the strategic objectives successful integration anticipated synergies andor other expected potential benefits of various acquisitions including MBS Textbook Exchange LLC and Student Brands LLC may not be fully realized or may take longer than expected the integration of the operations of various acquisitions including MBS Textbook Exchange LLC and Student Brands LLC into our own may also increase the risk of our internal controls being found ineffective changes to purchase or rental terms payment terms return policies the discount or margin on products or other terms with our suppliers our ability to successfully implement our strategic initiatives including our ability to identify compete for and execute upon additional acquisitions and strategic investments risks associated with operation or performance of MBS Textbook Exchange LLCs pointofsales systems that are sold to college bookstore customers technological changes risks associated with counterfeit and piracy of digital and print materials our international operations could result in additional risks our ability to attract and retain employees risks associated with data privacy information security and intellectual property trends and challenges to our business and in the locations in which we have stores nonrenewal of managed bookstore physical andor online store contracts and higherthananticipated store closings disruptions to our information technology systems infrastructure and data due to computer malware viruses hacking and phishing attacks resulting in harm to our business and results of operations disruption of or interference with third party web service providers and our own proprietary technology work stoppages or increases in labor costs possible increases in shipping rates or interruptions in shipping service product shortages including risks associated with merchandise sourced indirectly from outside the United States changes in domestic and international laws or regulations including US tax reform changes in tax rates laws and regulations as well as related guidance enactment of laws which may restrict or prohibit our use of emails or similar marketing activities the amount of our indebtedness and ability to comply with covenants applicable to any future debt financing our ability to satisfy future capital and liquidity requirements our ability to access the credit and capital markets at the times and in the amounts needed and on acceptable terms adverse results from litigation governmental investigations taxrelated proceedings or audits changes in accounting standards and the other risks and uncertainties detailed in the section titled Risk Factors in Part I Item 1A in our Annual Report on Form 10K for the year ended April 28 2018 Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect actual results or outcomes may vary materially from those described as anticipated believed estimated expected intended or planned Subsequent written and oral forwardlooking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements in this paragraph We undertake no obligation to publicly update or revise any forwardlooking statements whether as a result of new information future events or otherwise after the date of this press release p p p

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