Wiley's president and c.e.o. Brian Napack departs

Brian Napack, president and c.e.o. of Wiley, has stepped down from his post, ahead of a planned Investor Day scheduled for Thursday (12th October).

Matthew Kissner, previously Wiley’s board chair and an interim c.e.o. ahead of Napack’s appointment in 2017, has once again been made interim c.e.o. to the company. The Investor Day is being rescheduled.

Wiley’s most recent set of annual results, released in June, showed revenue down 3% at $2,020m (£1,644.1m), while operating profit plunged $163m (£132.7m) on the prior year to $56m (£45.6m). A "value creation" plan was announced including greater focus on Wiley’s strongest and most profitable businesses, divesting non-core assets and "rightsizing and streamlining" the company.

"Mr Kissner will leverage his in-depth knowledge of Wiley’s operations and his professional experience to execute this plan and ensure a smooth transition," the company said, with fiscal 2024 set to be a "transition" year for the company, with benefits expected to be reaped in 2025 and 2026.

Kissner commented: "I’m confident in the recent portfolio decisions the company has made and the intensified focus on Wiley’s core businesses. Wiley is in a great position as a market leader in research with strong competitive moats, including must-have journal brands, platforms and audience networks, along with a strong balance sheet and solid cash flow. We have strong confidence in our market and our strategies. I look forward to working closely with the leadership team and board of directors to drive execution and ensure a seamless transition."

Board chair Jesse Wiley added: "In addition to execution of the value creation plan, a critical goal of the board of directors and of Matt will be to develop the next generation of leadership at Wiley. The board thanks Brian for his six years of contributions and hard work. He and Wiley’s leadership team led the company during a period of rapid change and market disruption including the pandemic. As a result, Wiley is now a more focused company poised for great success."

Napack, a former president of Macmillan, was an advisor at Providence Equity Partners before taking up the Wiley role.