Longtime Educational Development Corp. chairman, CEO, and president Randall White has turned over leadership of the company to his son Craig White, who has been named CEO and president. Randall White will become executive chairman and remain chairman of the board as well as EDC's largest shareholder. As executive chair, the elder White will serve as an advisor on the day-to-day and strategic operations of the company.
Randall White has headed EDC for 35 years, and has seen the company, which features more than 50,000 home-based sales reps, post rapid growth over the last several years. The growth began with the company's transition to conducting more sales online, primarily through Facebook, over the last decade, and then again when demand for educational materials for children to use at home soared following the outbreak of Covid-19. In the fiscal year ended February 28, 2021, the company had record sales ($204 million) and profits ($12.6 million).
Despite the big gains in the last fiscal year, EDC’s stock price has dropped as investors have begun to question whether EDC can maintain its sales levels now that the bulk of the country has drastically dialed back pandemic precautions. The company's share price was at $10. 97 at the opening of trading today, near the low end of its 52-week trading range of $10.70-$20.00. Randall White said that, while Covid-19 had been a big driver of EDC’s financial performance, the jump in the number of home sales reps has been a key factor in the company's growth, and he predicted that sales and earnings will be up in fiscal 2022.
Craig White joined EDC in 1983. Most recently, he served as chief operating officer, overseeing the upgrading of the company’s IT and distribution functions.
“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,” Randall White said in a statement. “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.”
