HOBOKEN, N.J. - Publishing giant Wiley (NYSE: WLY and WLYB) has named Matthew Kissner as its new president and CEO, the company confirmed today. Kissier's appointment follows a successful interim tenure at the helm of the 217-year-old company, which is known for its extensive publishing and learning resources.
Kissner's leadership over the past nine months has been marked by notable achievements, including exceeding the company's Fiscal 2024 earnings guidance, delivering revenue at the higher end of its forecast range, and the execution of two GenAI content rights projects.
Looking ahead, Wiley aims to continue its growth trajectory in revenue, profit, and free cash flow for Fiscal 2025 and Fiscal 2026, spurred by business momentum and increased cost-saving measures.
The decision to promote Kissner to the permanent role was announced after a comprehensive global search. "Matt is the right person to lead Wiley through the next phase of our journey as a knowledge solutions company," stated Jesse Wiley, chair of the board, highlighting Kissner's deep understanding of the company's markets, customers, operations, and financials.
Kissner, who has been associated with Wiley for over two decades in various capacities including board chair and group executive, expressed his gratitude for the board's confidence in his leadership. "Our markets are trending favorably, our financials are strong, and our culture is reinvigorated," he said, emphasizing the company's mission to address global challenges through knowledge creation in science, learning, and innovation.
Before joining Wiley, Kissner held leadership roles at several prominent firms, including Pitney Bowes (NYSE:PBI), Bankers Trust, Citibank, and Morgan Stanley. His extensive experience is expected to be instrumental in guiding Wiley's continued success in the digital knowledge economy.
This announcement is based on a press release statement from Wiley. For more information, visit the company's website at www.wiley.com. Wiley stands as one of the world's largest publishers, providing tailored content, services, and platforms to researchers, students, instructors, professionals, and institutions worldwide.
In other recent news, Wiley, a global leader in research and education, reported a robust fiscal performance for 2024 and announced an increase in its annual dividend. The company's Board of Directors declared a quarterly cash dividend of $0.3525 per share, marking a slight increase from the previous year.
This represents Wiley's 31st consecutive year of dividend growth. The company exceeded its Adjusted EBITDA and Adjusted EPS guidance for the fiscal year, with Adjusted Revenue hitting the higher end of the projected range.
Wiley's recent accomplishments include the completion of a GenAI content rights project with a major tech company, and the anticipation of another such project in fiscal 2025. The company's Value Creation Plan has also made significant progress, with two out of three non-core divestitures closed and $90 million of the $130 million target in run-rate savings actioned.
Despite a slight decline in full-year adjusted revenue, Wiley anticipates continued growth in research, institutional models, and Gold Open Access. The company's projections for Fiscal Year 2025 include revenue growth of 2% to 4%, EBITDA growth of 4% to 11%, and EPS growth of 17% to 29%. These recent developments highlight Wiley's strategic focus on AI and content rights projects as key drivers of future growth.
InvestingPro Insights
As Wiley (NYSE: WLY) welcomes Matthew Kissner as its new president and CEO, the company's financial health and market performance become a focal point for investors. According to InvestingPro data, Wiley boasts a market capitalization of $2.41 billion. Despite facing challenges such as a revenue decline of 7.27% in the last twelve months as of Q4 2024, the company has demonstrated resilience with a robust gross profit margin of 70.59% during the same period.
InvestingPro Tips highlight Wiley's commitment to shareholder returns, as evidenced by its track record of raising its dividend for 25 consecutive years, a testament to its financial stability and confidence in future growth. Moreover, analysts predict the company will be profitable this year, aligning with Kissner's optimistic outlook for the company's financials and market trends.
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