The McGraw-Hill Companies Takes Additional Steps to Prepare for Education Company Spin-off
The McGraw-Hill Companies (NYSE: MHP) today announced further steps to establish the new, independent company, McGraw-Hill Education, by the end of this year. The process of creating this new entity requires multiple changes across operating and support functions to both separate the education segment from The McGraw-Hill Companies and to stand up McGraw-Hill Education as an independent, digital learning and education services organization. These moves will also facilitate the process of onboarding a new Chief Executive Officer of McGraw-Hill Education as the search enters its final phase.
To continue the process of building a world-class team to lead the new education company, the Corporation is appointing Patrick Milano, currently Executive Vice President and Director of the Program Management Office of the Corporation's Growth and Value Plan, to the new position of Chief Financial Officer and Chief Administrative Officer of McGraw-Hill Education. Mr. Milano, a multi-year veteran of McGraw-Hill, including in the education segment, has successfully led the separation phase of the Growth and Value Plan since last year. In this new role, he will be responsible for Finance, Manufacturing, Distribution and IT, reporting to Jack Callahan, Chief Financial Officer of The McGraw-Hill Companies, until the new Chief Executive Officer of McGraw-Hill Education is appointed. Joe Micallef, currently Senior Vice President, Finance and Operations, will work closely with Mr. Milano on standing up McGraw-Hill Education before retiring following a very successful career at the company.
Concurrent with these moves, Robert Bahash, the President of McGraw-Hill Education, will retire after 37 years of distinguished service with The McGraw-Hill Companies, as previously anticipated.
David Stafford, currently Vice President and Associate General Counsel of The McGraw-Hill Companies, will become General Counsel of McGraw-Hill Education and will also play a key role building a public company legal team and preparing for the spin-off.
Maryellen Valaitis, currently Head of Human Resources in the education segment, will become Vice President of Human Resources of the new company, thus providing important continuity in ensuring McGraw-Hill Education has the best possible talent in the education sector.
Vineet Madan, currently Senior Vice President of Strategic Services, will continue to lead strategic planning as McGraw-Hill Education enhances its leadership of digital and personal learning innovation.
Bruce Marcus, currently Chief Digital and Information Officer of McGraw-Hill Education, will continue to lead the IT team and the higher education digital product development unit.
The business unit management team of McGraw-Hill Education will be led by the following talented presidents: Brian Kibby, President, Higher Education; Dan Caton, President, School Education Group; Philip Ruppel, President, Professional; Ellen Haley, President, CTB/McGraw-Hill; and Talia Griep, President, International. All will report to Harold McGraw III, Chairman, President and Chief Executive Officer of The McGraw-Hill Companies, until the new Chief Executive Officer of McGraw-Hill Education is appointed.
These moves underscore the progress already announced regarding the Growth and Value Plan, including the ruling received from the Internal Revenue Service agreeing to the tax-free status for the spin-off of McGraw-Hill Education, and the ongoing preparations to file the Form 10.
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