This morning, the Reader’s Digest Association and parent company RDA Holding Co. announced that Paul R. Tomkins is set to succeed Tom Williams as executive vice president and chief financial officer with the company. Tomkins is also slated to join RDA’s management executive committee.
Tomkins will start his new position on May 23, joining RDA from the non-publishing sector where he was vice president controller of AT&T’s Business Solutions.
Former CFO Williams became RDA president and CEO when Mary Berner parted ways with the company in late April. After Berner’s departure, Randall Curran, CEO of telecommunications company DELTACOM, Inc., filled her position as chairman of the RDA board.
This announcement trails shortly after RDA announced its first quarter financials. Overall revenue in the first quarter of 2011 was $326 million, falling from $413.9 million in the first quarter of 2010 (during which RDA emerged from bankruptcy on February 20). From February 20 to March 31, 2010, RDA’s revenue totaled $156.2 million.
RDA cites fewer magazine/book renewals, unprofitable product lines and less magazine issues for the revenue loss and for the EBITDA in the first quarter of 2011, which was at negative $25.2 million.
In the first quarter of 2010, EBITDA was up at $9.5 million.