Haights Cross Communications Inc., a 10-year-old publisher of educational and library materials based in White Plains, recently announced the resignation of  Peter J. Quandt, the company”™s founding chairman, CEO and president.
No reason was given for his resignation. Paul J. Crecca, the company”™s executive vice president and chief financial officer, will serve as interim CEO and interim president, a company spokesman said. Crecca joined the company in January 1998.
Following a legal challenge by preferred stockholders earlier this year, the company recapitalized in August under an agreement that gave preferred stockholders control of 97 percent of common stock. Management acquired the remaining 3 percent share of common stock. Quandt was joined on a new board of directors by five persons picked by investors assuming majority control of the company.
“The board of directors looks forward to working with Paul as we move forward with a strategic review of the Haights Cross companies,” said board chairman Gene Davis.
Haights Cross companies include: Sundance/Newbridge Educational Publishing, Northborough, Mass.; Triumph Learning, New York City; Buckle Down Publishing, Iowa City, Iowa; Options Publishing, Merrimack, N.H.; Recorded Books, Prince Frederick, Md.; and Oakstone Publishing, Birmingham, Ala.Â
Haights Cross reported a net operating loss of about $27 million for the first six months of this year, compared with a net loss of about $41.2 million for the same period in 2006.
Its adjusted midyear earnings before interest, taxes, depreciation, amortization and other charges were $26,451,000 up from $25,089,000 for the same period in 2006.
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