Barnes & Noble Education, Inc. (NYSE:BNED) disclosed executive transitions in a recent SEC filing. Kevin Watson, serving as Executive Vice President and Chief Financial Officer, will resign effective January 4, 2025. Concurrently, Seema Paul, the Chief Accounting Officer, will depart on December 27, 2024. The company has appointed Jason Snagusky as the new CFO starting January 4, 2025.
Watson's exit follows a tenure marked by his leadership in the company's financial department, during which the company's stock has experienced significant volatility, declining over 92% year-to-date. As part of his departure, Watson will receive a severance payment of $270,000 and two months of continued health coverage. These terms are outlined in a Transition and Separation Agreement, which also includes a release of claims against the company.
Jason Snagusky, 44, will step into the CFO role, bringing extensive experience within the company, including positions in Treasury, Loss Prevention, and Procurement. His promotion follows a progressive career at Barnes & Noble (NYSE:BKS_old) Education since 2007. The company's announcement affirms that Snagusky has no familial ties with any directors or executive officers, nor are there any reportable transactions between him and the company.
In other recent news, Barnes & Noble Education has been the subject of several noteworthy developments. The company announced the immediate resignation of Michael Miller, their Executive Vice President, Corporate Development & Affairs, Chief Legal Officer, and Secretary. The company has yet to announce a successor or interim arrangements for the now-vacant position.
In financial news, Barnes & Noble Education reduced its total number of authorized shares of common stock from 10 billion to 200 million, a move approved by shareholders. This was accompanied by the announcement of a $40 million at-the-market equity offering program in partnership with BTIG, LLC, which is aimed at providing flexibility in capital management.
The company also secured $95 million in equity capital led by Immersion (NASDAQ:IMMR) Corporation and unveiled plans to refinance an asset-backed loan facility with a new $325 million facility maturing in 2028. BDO USA has been appointed as Barnes & Noble Education's new independent public accounting firm for the fiscal year ending May 3, 2025.
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