McGraw-Hill Takes Further Steps To Set Up McGraw-Hill Education

WASHINGTON (dpa-AFX) - McGraw-Hill Companies (MHP) unveiled further steps to set up the new, independent company, McGraw-Hill Education, by the end of this year.

The process of creating this new entity requires multiple changes across operating and support functions to both separate the education segment from The McGraw-Hill Companies and to stand up McGraw-Hill Education as an independent, digital learning and education services organization. These moves will also facilitate the process of onboarding a new Chief Executive Officer of McGraw-Hill Education as the search enters its final phase.

The company said it is appointing Patrick Milano, currently Executive Vice President and Director of the Program Management Office of the Corporation's Growth and Value Plan, to the new position of Chief Financial Officer and Chief Administrative Officer of McGraw-Hill Education. In this new role, he will be responsible for Finance, Manufacturing, Distribution and IT, reporting to Jack Callahan, Chief Financial Officer of The McGraw-Hill Companies, until the new Chief Executive Officer of McGraw-Hill Education is appointed.

Joe Micallef, currently Senior Vice President, Finance and Operations, will work closely with Milano on standing up McGraw-Hill Education before retiring following a very successful career at the company.

Concurrent with these moves, Robert Bahash, the President of McGraw-Hill Education, will retire as previously anticipated.

David Stafford, currently Vice President and Associate General Counsel of The McGraw-Hill Companies, will become General Counsel of McGraw-Hill Education and will also play a key role building a public company legal team and preparing for the spin-off.

Maryellen Valaitis, currently Head of Human Resources in the education segment, will become Vice President of Human Resources of the new company. Vineet Madan, currently Senior Vice President of Strategic Services, will continue to lead strategic planning as McGraw-Hill Education enhances its leadership of digital and personal learning innovation.

Further, Bruce Marcus, currently Chief Digital and Information Officer of McGraw-Hill Education, will continue to lead the IT team and the higher education digital product development unit.

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