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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): August 11, 1997
THE READER'S DIGEST ASSOCIATION, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-10434 13-1726769
(State or other (Commission File (I.R.S. Employer
juris- diction of Number) Identification No.)
incorporation or
organization)
Pleasantville, New York 10570-7000
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code:
(914) 238-1000
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ITEM 5. Other Events.
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Filed herewith as Exhibit 99.1 is a copy of the
Registrant's press release, issued today, relating to
certain management changes.
ITEM 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Financial statements of businesses acquired
Not applicable
(b) Pro forma financial information
Not applicable
(c) Exhibits
Number Description
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99.1 Press Release of The Reader's Digest
Association, Inc. dated August 11, 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: August 11, 1997 By: /s/ Paul A. Soden
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Paul A. Soden
Senior Vice President, General
Counsel and Secretary
EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release of The
Reader's Digest
Association, Inc. dated
August 11, 1997.
EXHIBIT 99.1
The Reader's Digest Association, Inc.
Reader's Digest Road
Pleasantville, NY 10570-7000
Contacts:
Denise Gillen, Investor Relations - (914) 244-5614
Mary Green, Media Relations - (914) 244-5595
Reader's Digest Announces Senior Management Change
PLEASANTVILLE, NY August 11, 1997 - The Board of Directors
of The Reader's Digest Association, Inc. (NYSE: RDA, RDB)
today announced that James P. Schadt, 59, has resigned his
positions as chairman of the Board and chief executive
officer and that a committee comprising outside Directors of
the Board has been formed to conduct the search for his
permanent successor.
During the transition, George V. Grune, 68, who served as
chief executive officer of Reader's Digest from 1984 to 1994
and retired as chairman of the Board in 1995, has been named
chairman and chief executive officer of the company,
effective immediately. In the decade in which he served as
chief executive officer of Reader's Digest, Mr. Grune led
the transformation of the company from private entity to
public corporation. During that period, the company's
revenues doubled and operating profit increased ninefold.
The Search Committee of the Board will be chaired by James
E. Preston, chairman and chief executive officer of Avon
Products, Inc. and will include Walter V. Shipley, chairman
and chief executive officer of The Chase Manhattan
Corporation, and William J. White, chairman of Bell & Howell
Company.
"Reader's Digest possesses an outstanding employee base, a
very special name franchise and a rich heritage of offering
quality service and relevant products to customers
worldwide," said Mr. Grune. "I am pleased to be of service
to the company and the Board during this interim period."
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 all cultures
around the world. Global headquarters are in Pleasantville,
NY.
