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): April 28, 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 6 pages.
ITEM 5. Other Events.
Filed herewith as Exhibit 99.1 is a copy of the
company's news release, issued today, relating senior 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 April 28, 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: April 28, 1998
/S/ GEORGE S. SCIMONE
George S. Scimone
Vice President and Chief Financial
Officer
EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release of The Reader's Digest
Association, Inc. dated April [28], 1998
EXHIBIT 99.1
Contact: Lesta Cordil (914) 244-5161 (work)
The Reader's Digest Association, Inc. (914) 278-6405
(home)
READER'S DIGEST NAMES THOMAS O. RYDER OF AMERICAN EXPRESS
AS CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Publishing And Direct Marketing Veteran Selected To Lead Company
In Next Phase of Growth and Development
PLEASANTVILLE, NY, April 28, 1998 _ The Reader's Digest
Association, Inc. (NYSE: RDA, RDB) tonight announced that its
Board of Directors has named Thomas O. Ryder, 53, a veteran of
the publishing and direct marketing industries and a longtime
senior executive of American Express, as Chairman and Chief
Executive Officer, effective immediately. Mr. Ryder, who has
been President, Travel Related Services International of American
Express since 1995, succeeds George V. Grune, who had returned to
the company as Chairman and Chief Executive Officer while the
Board led search for a permanent Chairman/Chief Executive Officer
was conducted. Mr. Grune, 68, will continue as a Board member
and assist Mr. Ryder in his transition to his new assignment.
Reporting to American Express President and Chief Operating
Officer Kenneth Chenault, Mr. Ryder was a member of the company's
Policy and Planning Committee, with responsibility for American
Express' entire International Credit Card, Lending, Travel,
Merchant Services and Global Network Services organizations, with
25,000 employees. During his tenure as President of Travel
Related Services International, one of the company's largest
business units, Mr. Ryder led a successful effort to strengthen
the organization through a global reengineering program and
helped define the long term strategic direction of the business,
which has been identified as one of the company's main growth
priorities. He also serves as Chairman of the American Express
Publishing Corporation.
"I am pleased and proud to have this once in a lifetime
opportunity to lead Reader's Digest, which is the world's
preeminent publisher and direct marketer," Mr. Ryder said.
"Reader's Digest possesses both a global franchise and a rich
tradition of providing quality products and services to customers
around the world. I look forward with enthusiasm to guiding
Reader's Digest in its next phase of its growth and development."
Mr. Grune said, "I am delighted that the Board of Directors has
selected Tom Ryder to lead Reader's Digest. He is an executive
of exceptional caliber and has shown leadership through periods
of major strategic change. His is an impressive record of
success in many disciplines crucial to the business of Reader's
Digest, including direct mail, publishing, and managing complex
global businesses. We believe he has the strategic perspective
and commitment necessary to lead this company into the 21st
century and create greater value for all of our shareholders."
On behalf of the Reader's Digest Board of Directors, James E.
Preston, Chairman and Chief Executive Officer of Avon Products,
Inc. and Chairman of the Search Committee of the Reader's Digest
Board, said, "We are gratified that we were able to attract Tom
Ryder. He is an executive who has the experience in our core
businesses, the drive, the record of success and the vision to
lead our company into an exciting and profitable future."
"We are also grateful to George V. Grune for returning to the
Company at a critical time to stabilize the business. In the
eight months since he rejoined the company, he has worked hard
and effectively to place Reader's Digest back on a path to return
it to profitable growth. His commitment, dedication and hard
work will facilitate Tom's efforts to help Reader's Digest
realize its full potential," Mr. Preston concluded.
Beginning in 1966, Mr. Ryder built a successful career in
publishing, which included management positions at Time Inc.,
Xerox Education Publications, Education Today Company and CBS
Magazines. Mr. Ryder was recruited by American Express in 1984
to head its publishing operations, which included Travel and
Leisure, Food & Wine, Departures, Your Company and Skyguide.
In 1990, Mr. Ryder became President of the American Express
Publishing and Direct Marketing Group, comprised of various
database marketing, publishing and merchandise services
organizations.
From 1992 to 1995, Mr. Ryder was President, Establishment
Services _ Worldwide of American Express Travel Related Services,
where he was responsible for managing the company's relationships
with merchants around the world and for enrolling new merchants
to accept the card.
Mr. Ryder earned his B.A. in Journalism at Louisiana State
University in 1966. He is member of the Board of Directors of
Club Mediterranee and Startek Inc. Mr. Ryder lives in New
Canaan, Connecticut. He is married to Darlene Wood Ryder and has
four children.
The search that culminated in the recruitment of Mr. Ryder was
led by the Search Committee of the Reader's Digest Board of
Directors, chaired by Mr. Preston. Its other members are William
J. White, former Chairman of the Board of Bell & Howell, and M.
Christine DeVita, President of the DeWitt Wallace Reader's Digest
Fund and the Lila Wallace Reader's Digest Fund. The entire Board
was involved in the recruitment process.
Headquartered in Pleasantville, New York, Reader's Digest is a
global publisher and direct marketer of products that inform,
enrich, entertain and inspire people of all ages and cultures
around the world. Worldwide revenues were $2.8 billion for the
fiscal year ended June 30, 1997.
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