Franklin Covey Announces Stock Buyback Replenishment and Management Changes

Franklin Covey has replenished its stock buyback program and made management changes. The company reported a Q3 loss and revenue fell short of estimates. The FY revenue guidance was cut. Additionally, Franklin Covey has appointed a new Chief Marketing Officer.

Franklin Covey Co. (NYSE: FC), a leading organizational performance improvement company, has announced significant changes to its stock buyback program and executive leadership. The company's Board of Directors approved the replenishment of its share repurchase program up to an aggregate amount of $50 million, following the repurchase of approximately $17 million in FY2025 [1].

The new authorization includes any remaining amounts under the Company’s existing program, and the Board also authorized the adoption of a 10b5-1 trading plan to facilitate consistent share repurchases. Paul Walker, CEO of Franklin Covey, stated, "Consistent with our strategic and capital allocation priorities, we believe that making up to $50 million available in our share repurchase program and adopting a 10b5-1 plan are effective tools to return capital to shareholders" [1].

In addition to the stock buyback announcement, Franklin Covey has made significant management changes. Holly Procter, the current Chief Revenue Officer, has been promoted to President of the Enterprise Division, effective September 1. This promotion follows the departure of Jennifer C. Colosimo, who has served in this role since September 2020 and will provide consulting services as a senior advisor through December 2025 [2].

Procter's appointment comes at a critical time for Franklin Covey, as the company reported a Q3 loss and revenue fell short of estimates. The FY revenue guidance was also cut. Despite these financial challenges, the company remains committed to its strategic goals and is focused on delivering value to shareholders.

Franklin Covey has also appointed a new Chief Marketing Officer (CMO). The appointment of a new CMO signals the company's commitment to enhancing its marketing efforts and driving growth. The company's focus on organizational performance improvement and leadership development continues to position it as a premier partner for businesses and educational institutions worldwide.

References:
1. [1] https://www.marketscreener.com/news/franklin-covey-co-announces-replenishment-of-share-repurchase-program-up-to-50-million-and-adoptio-ce7c51d8d888fe20
2. [2] https://www.marketscreener.com/news/franklincovey-promotes-holly-procter-to-president-of-its-enterprise-division-ce7c5edcd980f32c