The Shocking and Dramatic Twist in Scholastic Books Succession

Financial Planning For Single Moms
September 25, 2021
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The Shocking and Dramatic Twist in Scholastic Books Succession

When the leader of Scholastic Corp., M. Richard Robinson, Jr., died suddenly in June 2021, he left a succession plan that came as a shock to many people. The control of the company, along with all of Mr. Robinson’s personal possessions, went to Iole Lucchese. Ms. Lucchese is the chief strategy officer at Scholastic, and had worked at the company for 30 years. She was also the long-term romantic partner of Mr. Robinson. However, the fact that Mr. Robinson’s children and ex-wife received nothing sparked a lot of drama.

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The sudden emergence of Lucchese as the heir of Scholastic, which is one of the largest publishers of children’s books in the world, has called the future of the company into question. In addition to the family-based drama that Mr. Robinson’s death created, there were also questions as to whether Lucchese would be able to properly manage and handle the company. The remaining members of Robinson’s family are reviewing legal options, to see if there is a specific way they can receive a bigger share of the Scholastic estate.

Trying to reach an agreement with Ms. Lucchese to receive some of the company’s voting shares is one of the options being reviewed. Simply trying to get her to give them some of the estate is also a possibility, but the Will left behind by Mr. Robinson is clear. Unless a legal agreement can be reached, his sons and ex-wife will not receive anything, or have any say or stake in the company, either.

Robinson’s sons are both understandably upset about the choice their father made. They find it to be unexpected and shocking, and are unsure what caused their father to choose to leave nothing to either of them. It’s likely that a legal battle will ensue.

Do you have specific bequests you would like to leave to individuals when you die? If so, it is important to plan proactively. At The Estate Planning & Legacy Law Center, we help people of all walks of life create thoughtful, deliberate estate plans and documents designed to ensure their goals and wishes for their assets will be carried out. To learn more, contact us today!