President and CEO of Wiley Brian Napack Departs

Wiley (NYSE: WLY and WLYB) has announced the departure of Brian Napack as President and Chief Executive Officer (CEO). Simultaneously, they have appointed Matthew Kissner as Interim CEO, effective immediately. Mr. Kissner has a history with Wiley, having previously served as Wiley’s Group Executive and Board Chair, as well as Interim CEO from May to December 2017. Wiley is in the process of rescheduling its Investor Day, initially planned for October 12, to a later date yet to be determined.

In June, Mr. Napack and Wiley’s executive leadership unveiled a value creation plan. This plan focuses on intensifying Wiley’s efforts on its strongest and most profitable businesses, divesting non-core assets, and rightsizing and streamlining the company. Mr. Kissner, with his deep understanding of Wiley’s operations and professional experience, will be responsible for executing this plan and ensuring a smooth transition. Fiscal year 2024 is considered a transition year for the company, with the expected benefits of the value creation plan to be realized in fiscal years 2025 and 2026.

Jesse Wiley, Board Chair, expressed confidence in Mr. Kissner’s appointment, stating, “A highly experienced C-level executive and Wiley veteran, Matt brings a deep understanding of Wiley’s markets, operations, and people. He is well-positioned to hit the ground running as we advance our plans to materially improve profitability and performance and drive consistent growth in the years to come. In addition to the execution of the value creation plan, a critical goal of the Board of Directors and Matt will be to develop the next generation of leadership at Wiley. The Board thanks Brian for his six years of contributions and hard work. He and Wiley’s leadership team led the company during a period of rapid change and market disruption, including the pandemic. As a result, Wiley is now a more focused company poised for great success.”

Mr. Kissner also expressed his confidence in Wiley’s market position and strategies, saying, “I’m confident in the recent portfolio decisions the company has made and the intensified focus on Wiley’s core businesses. Wiley is in a great position as a market leader in Research with strong competitive moats, including must-have journal brands, platforms, and audience networks, along with a strong balance sheet and solid cash flow. We have strong confidence in our market and our strategies. I look forward to working closely with the leadership team and Board of Directors to drive execution and ensure a seamless transition.”

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