But rather than fully retire, 84-year-old Andrew Hedden is transitioning to senior counselor.
The 2021 death of Dick Robinson, the CEO of the children’s book and media company Scholastic, brought to light a revelation that shocked the business world: Rather than willing his 54% stake in Scholastic to his two sons, he bequeathed it to the company’s chief strategy officer, 30-year company employee Iole Lucches, with whom Robinson had a long-standing romantic relationship.
While Scholastic flourished during Robinson’s more than 40 years at the helm, his transparency regarding his estate plan left something to be desired. The sons didn’t know they weren’t getting control of the company until the will was read, and Lucches didn’t know she’d become controlling shareholder until she received a call from General Counsel Andrew Hedden.
