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Posts Tagged ‘Linda K. Zecher’

Houghton Mifflin Harcourt Emerges from Bankruptcy

Thirty-two days after filing a pre-packaged bankruptcy to redistribute the company’s $3.1 billion in debt, Houghton Mifflin Harcourt has emerged from bankruptcy.

CEO Linda K. Zecher had this statement: “We have achieved our financial restructuring objectives and moved through this process quickly and successfully. Now we have emerged with significantly less debt, a much improved balance sheet and capital structure and the financial strength to invest in new products and innovative digital education solutions to grow our business for the benefit of our customers.  Our emergence reflects the dedication of our team and the strong support of our investors and lenders to position HMH for long-term success.”

The official announcement was made last Friday, one day after the U.S. Bankruptcy Court for the Southern District of New York approved the publisher’s restructuring plan. The company filed the planned bankruptcy in May, predicting a “a prompt, court-supervised, chapter 11 process.”

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Houghton Mifflin Harcourt to Close Indianapolis Warehouse

As part of a company-wide restructuring, Houghton Mifflin Harcourt will close its Indianapolis West Warehouse Facility next year.

In addition, The Learning Company president Tony Bordon and innovation and new ventures EVP Fiona O’Carroll will both depart. News broke last week that the publisher will merge its Education Group into the company as a whole, with Zecher leading the organization.

These changes were outlined in a memo that HMH CEO Linda K. Zecher sent to employees yesterday. Below, we’ve reprinted the entire memo.

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Linda K. Zecher Named Houghton Mifflin Harcourt CEO

Today conglomerate publisher Houghton Mifflin Harcourt hired Microsoft corporate VP Linda K. Zecher as its new CEO.

Here’s more about Zecher’s experience: “A proven executive with 25 years in the technology and public sector markets, Linda most recently served as a Corporate Vice President at Microsoft, heading the company’s $8 billion Worldwide Public Sector business.   In that role, she has led a global team of nearly 2,000 professionals in more than 100 countries in providing innovative technology and programs to customer organizations in the education, government, and healthcare sectors. ”

Houghton Mifflin Harcourt CEO Barry O’Callaghan resigned in March. O’Callaghan’s Riverdeep Houghton Mifflin Group bought Harcourt in 2007. Last year, the CEO commented on the company’s struggles to refinance its debt: “Nobody has lost more on paper than I have. Obviously I’m disappointed for my fellow shareholders, but I can’t be blamed for things I can’t control, and unfortunately state budgets are things I can’t control.”