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 19, 1998
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 the election of
Lawrence R. Ricciardi to the Company's Board of Directors.
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 August 19, 1998
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 19, 1998
/s/ GEORGE S. SCIMONE
George S. Scimone
Senior Vice President and Chief
Financial Officer
EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release of The Reader's Digest
Association, Inc. dated August 19, 1998
Exhibit 99
Contact: Janice Conklin
Associate Director, Public Relations
(914) 244-7585
Lawrence R. Ricciardi Elected to the Board of Directors
of The Reader's Digest Association, Inc.
PLEASANTVILLE, N.Y., August 19, 1998 -- The Reader's Digest
Association, Inc., today announced the election of Lawrence R.
Ricciardi, senior vice president and general counsel of
International Business Machines Corp. and a former president of
RJR Nabisco, Inc., to its board of directors. Ricciardi, 58, was
elected at the board's August meeting.
Thomas O. Ryder, chairman and chief executive officer of
Reader's Digest, said "Lawrence Ricciardi brings to our board
skills and experience from an exceptional career in managing some
of America's largest corporations, in law and in government. He
is an excellent addition to our board and will contribute to our
efforts to restore the strength and achieve the potential of the
Reader's Digest brand." Ryder said the board of directors
continues to review candidates for an additional seat on the
board.
Ricciardi joined IBM in May 1995. He oversees all the
company's legal affairs, including the office of corporate
secretary, government programs, public policy issues and
intellectual property and licensing functions. He is a member of
the Corporate Executive Committee and the Worldwide Management
Council. In addition to these responsibilities, he
served as the company's interim chief financial officer from June
1997 until May 1998. In this role he was responsible for all
financial, treasury, business development and real estate
activities and the IBM Credit Corp.
Ricciardi was president of RJR Nabisco from May 1993 to May
1995. He had joined RJR in 1989 as executive vice president and
general counsel. Prior to 1989, Ricciardi was executive vice
president and general counsel of American Express Travel Related
Services. He had joined American Express in 1973 as
international counsel.
Ricciardi served as counsel for two U.S. government
agencies, the Overseas Private Investment Corp. and the Agency
for International Development in the Department of State.
A graduate of Fordham University and Columbia University Law
School, he attended the East Asian Institute of Columbia
University Chinese Language and Culture Program and was a
Fulbright Teaching Fellow in Law at the University of Rome,
Italy.
The Reader's Digest Association, Inc. is a global publisher
and direct marketer of products that inform, enrich, entertain
and inspire people of all ages and all cultures around the world.
Global headquarters is located in Pleasantville, N.Y.
# # #
Note: A photo of Mr. Ricciardi can be obtained by contacting
Linda Milone, Public Relations, (914) 244-5073.
