Benzinga | Jul 13, 2021 05:01PM EDT

Educational Development Says President, CEO Randall White To Transition Role To Active Chairman; Names Craig White As New President, CEO

Educational Development Corporation ("EDC", or the "Company") (NASDAQ:EDUC) today announced that Randall White is transitioning from his role as President and Chief Executive Officer to active Executive Chairman. Craig White, Chief Operating Officer, has been promoted to Chief Executive Officer and President of the Company. All changes became effective on July 13, 2021. Craig White has also been appointed and unanimously approved to the Company's Board of Directors.



Effective July 13, 2021, Randall White will serve as Executive Chairman, and in that capacity will remain active to inform the Board of Directors on the Company's performance, continue mentoring key executives, and serve as an advisor to the day-to-day and strategic operations of the Company. Randall will also remain as Chairman of the Board.



"It has been my honor and privilege to serve as President and Chief Executive Officer of Educational Development Corporation. We are strong financially, operationally, and well positioned for continued growth with over 200 million in annual revenues. On behalf of myself and the Board of Directors, we are pleased to appoint Craig White as new President and Chief Executive Officer of EDC. Craig has served alongside me at EDC for over 30 years and his experience and accomplishments have prepared him for this exact opportunity," said Randall White. "I am confident that Craig, along with all the members of our team, will continue to position EDC for growth while focusing on driving shareholder value for decades to come. Having served over 35 years as President and CEO, I feel this is the right time for a leadership transition. I remain confident and vested in the long-term success of the Company by continuing as Chairman of the Board and remaining the largest individual shareholder. I am also excited to continue my active involvement as Executive Chairman. This Company has been my life's work and passion. It has truly been my honor and a privilege to serve our salesforce, our employees and our shareholders," concluded Randall White.

Craig White commented, "I am extremely proud of the opportunity to continue to build on the legacy that Randall has created at EDC. I have spent most of my life seeing the difference our Company makes in the lives of so many through our literacy mission, and it is my distinct privilege to be able to lead us into thefuture. Randall has served as a mentor to me, and I look forward to him continuing to serve in his new role as Executive Chairman. Randall's guidance and industry knowledge is invaluable as we continue to lead EDC. We have a strong management team, and I am delighted to have Heather Cobb, our Chief Sales and Marketing Officer and Dan O'Keefe, our Chief Financial Officer by my side. The Company's guiding principles of fiscal conservatism and value creation remain unchanged. I look forward to the continued success of EDC and to delivering long-term value to our shareholders."

Craig White joined the Company in 1983 and has served in various roles. Craig most recently served as Chief Operating Officer since August of 2018. Previously, Craig led the Company's IT team building proprietary software systems and has overseen several software upgrades and implementations. Over the past five years, Craig has collaborated with partners and vendors to build and implement state-of-the-art distribution software and pick lines. Craig's efforts have been notably successful as he was recently featured on the cover of Modern Material Handling magazine recognizing EDC as one of the most innovative and efficient distribution systems in the industry. Craig graduated from Oklahoma State University with a bachelor's degree in Electrical and Computer Engineering.