Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Chuck Follett has been with the college textbook retailer for 38 years.
College textbook retailer Follett Corp. is on the lookout for a new head, as its CEO today announced his plans to retire after 38 years with the company, which operates college bookstores and sells online.
Chuck Follett, who assumed the role of president and CEO in June 2010, says he will remain in his current position until the retailer’s board is able to find a replacement.
“Today Follett Corp. is well positioned to continue to build on its 138-year track record of innovation and success in education,” Follett says. “Given the progress we've made during my time as president and CEO, I'm comfortable I can step away knowing Follett is poised for continued success in the years ahead."
During Follett’s tenure, the retailer implemented a textbook rental program at more than 900 college stores and expanded its e-commerce capabilities.
Follett’s business units include Follett Higher Education Group, which is No. 58 in Internet Retailer’s Top 500 Guide.