Company Updates

One of the largest publishing corporations in the United States is the Scholastic Corporation. This is a corporation that publishes over 600 new children’s books every year and is responsible for publishing many of the school books needed for teaching primary schools and higher. The corporation was started in 1920 by Maurice “Robbie” Robinson who had great visions on publishing but started with the Western Pennsylvania Scholastic which he created in his mother’s sewing room. The first issue of this magazine had only 4 pages but even then Robinson was thinking of bigger things and made a promise in that first issue that all other issues would have at least 8 pages, a promise which he managed to keep and expand on. The magazine proved to be a trusted source of information for teachers and that trust helped Scholastic to grow. Today the corporation’s Chairman, President, and CEO of Scholastic is Dick Robinson, Robbie’s son but much of the driving force behind the company’s continued success is its CFO Maureen O’Connell. Maureen O’Connell graduated from New York University with a B.S. in both Accounting and Economics which she put to immediate use as Director of Accounting at Primedia. Between then and joining Scholastic she continued her career by working as CFO, COO and CEO, even president of several companies, some of them, like Barnes & Noble between 2000 and 2002, were in the publishing field. At Scholastic she plays a major role in determining which direction the company should move in order to stay at the top of its field. Apart from her work with Scholastic, O’Connell is very out-going in advising other CEOs in how to succeed in their field of employ and updating that advice regularly. The Maureen O’Connell Scholastic updates for 2016 are that CFOs should make themselves more aware of the dangers that breaches to cyber security may affect a company’s future. O’Connell has always maintained that it is the CFO of a company that is in the best position to advice on how a company should move forward into the future. The thoughts behind her reasoning are that it is the CFO that understands the company’s financial situation the best as they have no particular loyalties to any one particular department, they can provide an unbiased vision of how the company should move forward. This is opposed to the view that each department head should give their views as; each of their views may perhaps be biased towards their own particular department and not o the company as a whole. The idea though that cyber security can be a major threat to any company’s plans for the future, is a fairly new development and so is something new that has to be taken into consideration. O’Connell now suggests that CFOs must work more closely with the company’s Chief Information Officer to be aware of any possible threats to the interests of the company and allow adequate financial resources to try and avoid the company being affected.