SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 8, 1997
THE READER'S DIGEST ASSOCIATION, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-10434 13-1726769
(State or other juris- (Commission File (I.R.S. Employer
diction of incorporation Number) Identification No.)
or organization)
Pleasantville, New York 10570-7000
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code:
(914) 238-1000
Page 1 of 5 pages.
ITEM 5. Other Events.
Filed herewith as Exhibit 99.1 is a copy of the
company's news release, issued today, relating to certain
management changes.
ITEM 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(a) Financial statements of business acquired
Not applicable
(b) Pro forma financial information
Not applicable
(c) Exhibits
Number Description
99.1 Press Release of The Reader's Digest
Association, Inc. dated September 8, 1997
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
THE READER'S DIGEST ASSOCIATION, INC.
(Registrant)
Date: September 8, 1997
/s/CLIFFORD H.R. DuPree
Clifford H.R. DuPree
Vice President, Associate General
Counsel and Acting Corporate Secretary
EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release of The Reader's Digest
Association, Inc. dated September 8, 1997
Contact: Mary Green, Media Relations - (914) 244-5595
Reader's Digest Announces Management Changes
PLEASANTVILLE, NY, SEPTEMBER 8, 1997 -- The Reader's Digest
Association, Inc. (NYSE: RDA, RDB) today announced a number of
senior appointments designed to strengthen its management team in
its core business areas, reinforce its direct marketing expertise
and better position the company to assess and take advantage of
new business opportunities:
John Bohane, 61, will become senior vice president and
president of the international operations of Reader's Digest,
reporting to George V. Grune, chairman and chief executive
officer. Bohane was president and chief executive officer of the
Newfield Publications Inc. educational publishing and direct
marketing subsidiary of K-III Communications from 1994 until its
sale in 1995. He has also served as vice president of Time
Warner's corporate database marketing. From 1964 to 1991 Bohane
worked at Reader's Digest, holding a number of U.S. and
international management positions including president of the
U.S. direct marketing group.
Peter J. Davenport, 57, will rejoin the company as senior
vice president of global marketing, a position he held at the
company from 1991 until his retirement in March of this year. In
his 35 years with Reader's Digest, Davenport has served as vice
president, deputy director-international operations and vice
president of international marketing. Beginning his career with
Reader's Digest Canada, he has also served in senior marketing
and management roles with Reader's Digest in the United Kingdom
and Australia. He will report to Bohane.
Marcia M. Lefkowitz, 53, will become a senior vice president
of the company and president of Reader's Digest U.S.A. Lefkowitz
has 30 years of experience with Reader's Digest, serving most
recently as a senior consultant. From 1993 to 1995, she was vice
president in charge of U.S. marketing. During her career at
Reader's Digest she has also held the positions of U.S.
circulation director and vice president of global business
development and corporate planning. She will report to Grune.
These appointments are effective immediately.
"We are delighted that these fine executives have agreed to play
important roles in the future of Reader's Digest, working with
the rest of our management and employees to revitalize our core
operations and identify, assess and seize new opportunities for
our business," said Grune. "John, Peter and Marcia bring
tremendous talent, experience and impressive track records in a
wide range of areas critical to our profitable growth, including
direct marketing, global business development and corporate
planning."
Reader's Digest also announced the departures from the company of
Glenda K. Burkhart, senior vice president, strategic planning and
human resources, Paul A. Soden, senior vice president, general
counsel and secretary and Stephen R. Wilson, executive vice
president and chief financial officer.
In addition, the following individuals have been appointed to new
positions reporting to Grune:
George S. Scimone, 50, a vice president who for the past 11
months has served as president of Reader's Digest U.S.A., will
serve as chief financial officer. Scimone joined the company as
vice president and controller two years ago, after 27 years in
finance positions at General Electric. From 1990 until his
departure from General Electric in 1995, he was chief financial
officer of the GE Electrical Distribution and Control business.
Richard A. Garvey, 49, currently vice president and
president, global marketing and new channels, will become senior
vice president of corporate planning and new business
development. Garvey joined Reader's Digest in 1996, following 20
years at LEGO Systems, Inc. where he served most recently as vice
president of marketing and a member of the executive committee,
as well as a member of the board of directors of LEGO
Canada/Mexico. He began his career in marketing and brand
management at The Quaker Oats Company.
Suzanne K. Pilnick, 42, currently vice president, human
resources, global marketing and new channels, will become the
acting vice president of human resources for The Reader's Digest
Association. During her 16-year career at Reader's Digest,
Pilnick also served as vice president of human resources for the
U.S. company and director, international human resources, for
Reader's Digest Europe.
Clifford H.R. DuPree, 47, currently associate general
counsel and assistant secretary, will become acting corporate
secretary. DuPree joined Reader's Digest in 1992 after serving
as vice president, associate general counsel and secretary of
Terra Chemicals International, Inc. He has also practiced law
with the firm of Chadbourne & Parke.
The Reader's Digest Association, Inc. is the preeminent global
publisher and direct marketer of magazines, books, music, videos
and new media products that inform, enrich, entertain and inspire
people of all ages and cultures around the world. Global
headquarters is in Pleasantville, New York.
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