You are viewing your 1 free article this month. Login to read more articles.
Scholastic c.e.o. Dick Robinson, who passed away in June, left his controlling shares in the company to its new chair Iole Lucchese, it has emerged.
According to the Wall Street Journal, Robinson's Class A shares, which gave him control of the company and were previously in the hands of the Robinson family, were left to Lucchese in his 2018 will. She was also left control of his personal possessions.
The paper reported the pair had been romantically involved and Lucchese, the publisher's executive vice-president, chief strategy officer and president of Scholastic Entertainment, was described in the will as “my partner and closest friend”.
Some of Robinson's family members are considering their legal options, the WSJ reported, while others are hoping to reach an agreement with Lucchese for a transfer of some of the shares, which give their holder the right to appoint 80% of the board.
Maurice Robinson called the decision to give Lucchese control of his father's personal possessions “unexpected and shocking” and told the paper: “What I want most is an amicable outcome.”
Last month, Lucchese was elected to fill the board seat vacated by the passing of Robinson and named its new chair. She has been with the company for 30 years, starting her career with Scholastic Canada and rising to the leadership there before moving to the company headquarters in New York City.
The company said of her at the time: “Ms Lucchese has worked in partnership with Dick Robinson to advance the company’s strategic and creative initiatives across all operating units, including new product and program offerings, business transformation, and digital expansion, as well as overseeing the company’s digital content and marketing initiatives and its expanding media activities.”
Scholastic's announcement also saw Peter Warwick named president and c.e.o. while Robert Dumont was appointed to the executive board of directors.
Robinson died in the US on 5th June, prompting tributes from across the publishing world. J K Rowling called him “a wise, kind and humane man, who leaves behind him an extraordinary legacy in the world of children’s literature”.
The Bookseller has approached Scholastic for comment.