Follett Corporation

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Follett Corporation
TypePrivate
IndustryRetail college bookseller, ebooks, library books, software
FoundersC.W. Follett
HeadquartersWestchester, IL
Area servedInternational
Key peopleMary Lee Schneider, CEO
DivisionsFollett Higher Education Group (FHEG), Follett International(FINT), Follett School Solutions, Inc. (FSS),
SubsidiariesTetraData, X2
Websitehttp://www.follett.com
 
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Follett Corporation is a Westchester, Illinois-based company that provides a variety of educational products to schools, colleges, and public libraries through its subsidiaries.

Follett Corporation
TypePrivate
IndustryRetail college bookseller, ebooks, library books, software
FoundersC.W. Follett
HeadquartersWestchester, IL
Area servedInternational
Key peopleMary Lee Schneider, CEO
DivisionsFollett Higher Education Group (FHEG), Follett International(FINT), Follett School Solutions, Inc. (FSS),
SubsidiariesTetraData, X2
Websitehttp://www.follett.com

History[edit]

Follett Corporation was founded in 1873 when Charles M. Barnes[1] opened a used book store in his Wheaton, Illinois home. Three years later, Barnes moved his business, now named C.M. Barnes & Company, to Chicago where he opened a store at 23 LaSalle Street. Here, he sold new and used textbooks, stationery and school supplies.[2]

C.W. Follett joined the company in 1901 as a stock clerk. The following year, Charles Barnes retired and his son William became president. The company had now evolved into a wholesaler, selling used books throughout the Midwest and as far away as the Oklahoma Territory.

In 1908, the company was reorganized as C.M. Barnes - Wilcox Company when John Wilcox, William Barnes' father-in-law, became the company's primary shareholder. Four years later, in 1912, C.W. Follett became vice president and a shareholder of the company.

In 1917, William Barnes sold his remaining interest in the company to John Wilcox. Later that year Barnes moved to New York where he partnered with G. Clifford Noble and founded Barnes & Noble.[3]

The following year, with Wilcox nearing retirement, C.W. Follett took over management of the company and it was once again renamed, this time as J.W. Wilcox & Follett Company.

John Wilcox died in 1923 and the following year, C.W. Follett and his wife, Edythe, purchased the company. During the next two years, C.W. Follett's three oldest sons—R.D. (Bob), Garth and Dwight—joined the family business. C.W.'s youngest son Laddie, who was still in grade school, joined the company in 1930.

In 1925, Dwight founded the Follett Publishing Company. In 1930, R.D. Follett founded the Follett College Book Company and began wholesaling used textbooks to professors and college bookstores. The following year, R.D. established the company's first retail bookstore on a college campus outside of Chicago. And in 1940, Garth Follett created Follett Library Book Company. Laddie Follett ran the company's original business - Wilcox & Follett - from 1952 until 1986.

When C.W. Follett died in 1952 at the age of 70, Dwight Follett succeeded his father as chairman. The company continued to grow and was renamed Follett Corporation[4] in 1957, which it is still known by today.

In the mid-1970s Dwight began to prepare for his retirement and Dick Litzsinger, R.D. Follett's son-in-law, was elected president and chief executive officer. In 1979, Dwight retired and Robert J.R. Follett was named chairman.

In 1994, Robert J.R. Follett retired and Dick Traut, R.D.'s son-in-law, was elected chairman. The following year, Loyola University named Follett Illinois Family Business of the Year.

Dick Litzsinger retired as president and chief executive officer in 1997 and Ken Hull was elected president. Ken was the first non-family member to be elected president of the corporation. In 1997, Follett also restructured its board of directors, adding three non-family members. That same year, it joined Internet Systems, Inc. in forming Library Systems & Services, L.L.C., a joint venture that provides library management services to public, academic and corporate libraries across the country. In addition, Follett purchased Book Wholesalers, Inc. (BWI) - a distributor of children's books to public libraries.

In 1998, to strengthen the company's ability to meet the needs of its customers, Follett aligned its various business units under three market groups - Higher Education, Elementary and High Schools and Libraries.

Dick Traut retired as Chairman in 1999 and Ken Hull became Chairman and Chief Executive Officer of the corporation. In addition, in 1999, Follett launched the www.efollett.com [5] web site.

In 2000, Christopher Traut was elected President and Chief Executive Officer of Follett Corporation. Ken Hull remained as Chairman of Follett Corporation. In addition, Follett's three core market groups were combined to form Follett Higher Education Group[6] and Follett Library and School Group.[7][8]

In April 2001, Ken Hull retired and Mark Litzsinger was elected Chairman of Follett Corporation.

Following a rigorous analysis of the company's portfolio of business units, Follett merged Follett Media Distribution, which provided audio visual products to school and public libraries, into BWI in an effort to provide its library customers with one-stop shopping for all of their book and media needs. In addition, in June 2003, Follett sold its interest in Library Systems & Services, LLC (LSSI).

In 2010, Chris Traut retired. Charles R. (Chuck) Follett then took over the company as President and CEO after holding a wide range of leadership roles during his 37 years with the company. That same year, Follett was ranked #155 in Forbes’ list of largest private companies.[9]

In 2011, the Follett School and Library Group was created to serve the K-12 market under one business group. Strategic business decisions were made to move the focus of the school and library group into the K-12 classroom, and in 2011, certain assets of Follett’s public library business, BWI, were sold.

In April 2011, Alison O’Hara was named Chairman of the Board. Prior to becoming Chairman, she served as Assistant General Counsel of Follett and was a member of the company’s Board of Directors for 11 years. Under O’Hara’s direction, the Board underwent another transformation by bringing in outside directors to lead Follett into the digital future. O'Hara died unexpectedly on July 20, 2013, from complications of breast cancer.[10]

In November 2012, Mary Lee Schneider was elected Follett’s new President and CEO.[11] Schneider is an 11-year veteran on the Follett Board of Directors. Schneider came to Follett from Chicago-based RR Donnelley, where she recently was President, Digital Solutions and Chief Technology Officer.

In January 2014, Follett Corporation announced that the Company's Board of Directors named Todd Litzsinger Chairman of the Board. Litzsinger succeeds Steve Waichler, who held the role on an interim basis following the passing of Follett's former Chairman, Alison O'Hara, in July 2013. Litzsinger joined Follett in 1992 and has served on the Board since 2003. He has held a series of increasingly responsible leadership positions with the Company, most recently President of Content Solutions and Services for Follett School Solutions, the Company's PreK-12 business.[12]

In March 2014, approximately 750 employees from the Company's corporate office and higher education businesses at Chicago-area suburban operations in Oak Brook, Westmont and River Grove relocated to Three Westbrook Corporate Center, a 160,000 square-foot tower in Westchester, IL.[13]

On April 1, 2014, Follett’s PreK-12 businesses became one legal entity named Follett School Solutions, Inc.[14] The new entity is part of Follett’s strategy to deliver increased value to customers by integrating and leveraging the content and technology capabilities of its previously separate businesses: Follett Educational Services, Follett Library Resources and Follett Software Company.[15][16]

The Company is currently focusing on e-commerce,[17][18] digital offerings and text rental[19] in addition to its core areas of expertise. Today, Follett is a $2.7 billion, privately held company that provides products, services and solutions to the educational marketplace. The company, which serves more than 5 million students at its more than 1,600 physical and online stores, employs approximately 10,000 associates throughout the United States, Canada and other parts of the world.[20][21]

Operating units[edit]

See also[edit]

References[edit]

  1. ^ http://www.knox.edu/news-and-events/news-archive/1856-graduate-barnes-a-publishing-pioneer.html?ss=print
  2. ^ http://www.follett.com/FollettHistory.cfm
  3. ^ http://web.archive.org/web/20071001000727/http://www.newsday.com/about/ny-ihiny021705story,0,5026610.htmlstory
  4. ^ http://www.follett.com
  5. ^ http://www.efollett.com
  6. ^ http://www.fheg.follett.com/
  7. ^ http://www.flr.follett.com/
  8. ^ http://www.fes.follett.com/
  9. ^ http://www.forbes.com/lists/2010/21/private-companies-10_rank.html
  10. ^ http://articles.chicagotribune.com/2013-08-04/news/ct-met-barasa-obit-20130804_1_breast-cancer-follett-corp-family-business
  11. ^ http://www.chicagogrid.com/people/follett-ceo-education-economics-mary-lee-schneider/
  12. ^ http://www.slj.com/2014/02/industry-news/loc-literacy-awards-new-follett-chairman-harry-and-hermione-news-bites/#_
  13. ^ http://www.inc.com/shelley-prevost/two-critical-principles-in-designing-a-workplace-for-wellbeing.html
  14. ^ http://www.follettlearning.com/
  15. ^ http://www.ednetinsight.com/news-alerts/business-headlines/follett-s-prek-12-businesses-unite-as-follett-school-solutions--inc-.html
  16. ^ http://www.eschoolnews.com/current-issue/
  17. ^ http://www.prnewswire.com/news-releases/follett-corporation-introduces-follett-virtual-bookstores-70534667.html
  18. ^ http://www.internetatschools.com/Articles/Column/Idea-Watch/IDEA-WATCH-Dissecting-Ebooks-and-Libraries--An-Evolving-Market-95546.aspx
  19. ^ http://usatoday30.usatoday.com/news/education/2010-08-17-RentingTextbooks17_ST_N.htm
  20. ^ http://www.follettinternational.com/
  21. ^ http://bluesky.chicagotribune.com/originals/chi-mary-lee-schneider-follett-bsi-20140414,0,0.story

External links[edit]