Iole Lucchese became the heir and controller of Scholastic Corporation after the sudden death of M. Richard Robinson Jr., the longtime head of the $1.2 billion dollar publishing company, according to The Wall-Street Journal. Lucchese, age 54, was the longtime romantic partner of Robinson, the newspaper reported.
Lucchese is the Executive Vice President of Scholastic Corporation, Chair of the Board of Directors and Chief Strategy Officer, according to Scholastic. The Wall Street Journal reviewed Robinson’s 2018 will, in which Robinson described Lucchese as “my partner and closest friend.” He also left her his personal possessions, according to The Wall Street Journal.
Scholastic is one of the largest publishers of children’s books, including the Harry Potter series and Magic School Bus series, the newspaper reported.
Here’s what you need to know:
Some of Robinson’s Family Members Are Reviewing Legal Options, Shocked by the Will’s Revelations
Robinson’s will and succession plan sent shockwaves through his family and the Scholastic Corporation, The Wall Street Journal reported. Robinson also had two sons, siblings, and an ex-wife, with whom he had “rekindled a friendship” during the pandemic, the newspaper said.
Family members and former employees were aware of Robinson’s relationship with Lucchese, and disclosed the information in interviews with The Wall Street Journal. Now, some members of Robinson’s family are reviewing legal options for Scholastic’s control and his inheritance, the article said. A possible solution is to have Lucchese transfer voting shares to members of the family, The Wall Street Journal reported.
“Some family members are unhappy and are reviewing their legal options, people close to the situation said, with concerns running the gamut from wanting to maintain Scholastic’s independence to rawness about an outsider having control of Mr. Robinson’s personal possessions,” The Wall Street Journal reported. “One possibility is to reach an agreement with Ms. Lucchese to transfer some voting shares to family members or to ensure they get a greater share of the estate, one person said.”
Lucchese Is a Canadian & First-Generation College Graduate
Lucchese was the first person in her family to graduate college, according to her Scholastic biography. She is from Toronto, Ontario, and attended the University of Toronto.
“Born in Toronto, Ontario, Ms. Lucchese is a first-generation college graduate, having received her degrees from the University of Toronto,” her biography said.
She has now inherited a company worth $1.2 billion, according to the Associated Press. Robinson took over the company after his father. Scholastic became the world’s largest publisher of children’s books under Robinson, according to the AP. The company says it distributes 1 out of every 3 children’s book in the U.S. The company is publicly traded and has an estimated net worth is around $1.2 billion, the AP reported. The company’s worth dropped from more than $1.6 billion in 2016, but surged from its worth of about $800 million in 2020, according to the AP.
Robinson Died Suddenly in June at Age 84 During a Walk in Martha’s Vineyard
Robinson was going for a walk in Martha’s Vineyard when he died suddenly at age 84, The Wall Street Journal reported. He was 84, according to the Associated Press.
Scholastic’s Board of Directors released a statement at the time announcing his death, but it did not reveal his cause of death, the AP reported. He had been in “excellent health,” the AP reported. The New York Times later reported Robinson died from a heart attack.
“We are deeply saddened by the sudden passing of Dick Robinson,” the statement said, according to the AP. “Dick was a true visionary in the world of children’s books and an unrelenting advocate for children’s literacy and education with a remarkable passion his entire life.”
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