RIVER GROVE, Ill., June 8 /PRNewswire/ -- Follett Corporation today announced that Christopher D. Traut, President and CEO, has retired from the Company. The Company's Board of Directors has appointed Charles (Chuck) R. Follett, Jr., a senior executive with the Company, to the post of acting President and CEO.
"After more than a decade as President and CEO of Follett Corporation, the Company is strong financially, well positioned in the education markets we serve, and poised for future growth," said Traut. "I'm extremely confident in our management team's ability to continue building upon Follett's long legacy of success."
Traut led Follett during a period of unprecedented growth, expanding the Company's capabilities and market presence as a leading education content distributor, specialty retailer and technology applications developer. Under Traut's leadership, the Company successfully acquired and integrated a number of businesses specializing in digital technology applications for education, and expanded the Company's international sales. Traut is credited with developing Follett's corporate structure and instilling a common set of values among Follett's 10,000 associates. The Company reported sales in fiscal 2010 of $2.7 billion, more than double the sales of Traut's first year as CEO in 2000.
"Over the past 10 years, Chris has worked tirelessly to strengthen Follett's ability to compete and deliver value to our customers, shareholders and associates," said R. Mark Litzsinger, Chairman of Follett Corporation. "On behalf of Follett's Board, shareholders, management team and every Follett associate, I want to thank Chris for his countless contributions to the Company and wish him all the best."
Traut joined Follett in 1989 as Manager of Data Services for Follett Software Company. In 1992, Traut was named Director of Acquisitions and Development for Follett Corporation, and in 1998, was named President of Follett's Elementary and High School Group. Traut was elected to the position of President and CEO in November of 2000.
Traut earned a Bachelor of Arts degree from Vanderbilt University in Nashville, Tenn., and an MBA from Owen Graduate School of Management at Vanderbilt University.
The Company's acting President and CEO, Chuck Follett, previously served as President of Follett Technology Solutions and International Group. Between 2000 and 2005, Follett served as Executive Vice President of Follett Library and School Group. In 1985, he founded Follett Software Company and served for the next 15 years as its President and the Company's Vice President of Technology.
Follett joined the Company in 1974. He earned a Bachelor of Arts degree from Western Illinois University in 1974.
Follett Corporation is a $2.7 billion, privately held company that provides products, services and solutions to the educational marketplace. Follett Corporation was founded in 1873, and today is headquartered in River Grove, Illinois.
SOURCE Follett Corporation