Craig White
About Craig White
Craig M. White, age 56, is President, Chief Executive Officer, and Chairman of the Board at Educational Development Corporation (EDC), serving as CEO since 2021 and Chairman effective 2025; he previously served as COO (2018–2021) and VP–Information Technology (1998–2018) after joining EDC in 1994 . Under his tenure, FY 2025 net revenues were $34.191 million and net loss was $5.264 million; the company cited no short-term bonuses due to minimum profitability thresholds not being met, aligning compensation to profitability and revenue growth . The pay-versus-performance table shows the value of a fixed $100 TSR investment at $39.40 in 2025 and net loss of $5.264 million, highlighting shareholder sensitivity to performance; compensation actually paid to the CEO was $268,600 in 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Educational Development Corporation | VP – Information Technology | 1998–2018 | Not disclosed in filings |
| Educational Development Corporation | Chief Operating Officer | 2018–2021 | Not disclosed in filings |
| Educational Development Corporation | President & CEO | 2021–present | Not disclosed in filings |
| Educational Development Corporation | Chairman of the Board | 2025–present | Board leadership consolidation; Lead Independent Director appointed |
External Roles
No external public-company directorships or committee roles are disclosed in Craig White’s proxy biography .
Fixed Compensation
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | 270,000 | 280,400 | 270,000 |
| Target Bonus % | Not disclosed | Not disclosed | Not disclosed |
| Actual Bonus Paid ($) | 0 (no STI payouts) | 0 (no STI payouts) | 0 (no STI payouts) |
| All Other Compensation ($) | 14,000 | 16,200 | 14,900 |
| Total Compensation ($) | 284,000 | 296,600 | 284,900 |
Performance Compensation
Short-Term Incentive (STI) Plan
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Pre-tax profitability (Return on Sales) | 60% | Not disclosed | Below threshold FY 2024–2025 | $0 (no payouts) | Cash, annual |
| Revenue growth | 25% | Not disclosed | Not disclosed; plan thresholds not met FY 2024–2025 | $0 | Cash, annual |
| Individual performance | 15% | Not disclosed | Not disclosed; plan thresholds not met FY 2024–2025 | $0 | Cash, annual |
Long-Term Incentive (LTI) – Restricted Stock
| Plan | Performance Metric | Thresholds | Shares Awarded | Vesting Schedule | Status |
|---|---|---|---|---|---|
| 2019 LTI | Net Revenues | $100M / $130M / $160M tiers | 600,000 total upon >$160M FY2021 | Cliff vest after 5 fiscal years | FY2019 grant vested Feb 28, 2023 |
| 2021 grants under 2019 LTI | Net Revenues (2019 plan) | As above | 297,000 (avg $6.30 grant-date FV) | Cliff vest after 5 fiscal years | Vested Feb 28, 2025 |
| 2022 LTI | Net Revenues | $225M / $250M / $275M / $300M tiers | Up to 300,000 | Cliff vest after 5 fiscal years | No new grants FY2023–FY2025 |
Vesting policies: Restricted shares cliff-vest after five fiscal years; dividends reinvested in treasury shares that carry identical restrictions; service and performance conditions apply; as of Feb 28, 2025, all outstanding shares were vested for NEOs .
Pay Versus Performance (context)
| Fiscal Year | CEO SCT Total ($) | CEO Compensation Actually Paid ($) | TSR Value of $100 | Net Income (Loss) ($) |
|---|---|---|---|---|
| 2023 | 284,000 | (207,200) | 26.78 | (2,504,900) |
| 2024 | 296,600 | 219,800 | 23.35 | 546,400 |
| 2025 | 284,900 | 268,600 | 39.40 | (5,263,600) |
Equity Ownership & Alignment
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Total Beneficial Ownership (shares) | 601,349 | 626,443 |
| Ownership (% of Outstanding) | 7.0% | 7.0% |
| Unvested Restricted Shares (units) | 41,750 (under 2019 LTI) | 0 (all vested) |
| Options – Exercisable | 0 | 0 |
| Options – Unexercisable | 0 | 0 |
| Shares Pledged as Collateral | Not disclosed | Not disclosed |
| Ownership Guidelines | Not disclosed | Not disclosed |
Note: The company maintains a clawback policy (Exhibit 97.1 referenced in 10-K), but detailed triggers are not provided in the filings reviewed .
Employment Terms
- Employment agreement terms (severance multiples, change-in-control triggers, non-compete, garden leave) are not disclosed for Craig White in the DEF 14A or 10-K reviewed .
- Clawback policy is referenced as Exhibit 97.1 in the 10-K; hedging/pledging policy and stock ownership guidelines are not disclosed in the reviewed sections .
- No related-party transactions are disclosed; Item 13 indicates none .
Board Governance
- Board service history: Director since 2021; Chairman effective 2025; dual role as CEO and Chairman; Board appointed a Lead Independent Director (Bradley V. Stoots) to augment independent oversight .
- Independence: Craig White does not meet NASDAQ independence criteria due to being an executive officer .
- Committees: Craig White serves on the Executive Committee; Audit, Compensation, and Nominating & Corporate Governance Committees are composed entirely of independent directors (Neal, Emerson, Stoots) .
- Board meeting attendance: Four meetings in FY 2025; executive sessions without management at each in-person meeting .
Director Compensation
- Craig White receives no separate director compensation; independent directors receive meeting fees and modest stock grants (FY 2025 fees: $1,200–$1,600; 2,000 shares per director; total $12,640 across board) .
Say-On-Pay & Shareholder Feedback
| Meeting Date | Proposal | For | Against | Abstain | Broker Non-Votes |
|---|---|---|---|---|---|
| July 10, 2024 | Advisory vote on NEO compensation | 5,066,150 | 50,516 | 40,279 | 1,637,825 |
| July 6, 2022 | Frequency of say-on-pay | 2 years received most votes (3,655,123) | — | — | — |
Note: The 2025 annual meeting did not include a say-on-pay item (biennial schedule) .
Performance & Track Record
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Net Revenues ($) | 51,030,300 | 34,191,000 |
| Net Earnings (Loss) ($) | 546,400 | (5,263,600) |
| PaperPie Segment Operating Income ($) | 4,129,200 | 1,950,800 |
| Publishing Segment Operating Income ($) | 1,223,300 | 1,155,400 |
Strategic actions: EDC completed a sale-and-leaseback of its headquarters (Hilti Complex) in October 2025 for $32.2 million to delever and reduce bank borrowings; 10-year triple-net lease at $8.00/sf with escalators was executed concurrently . Management and auditors highlighted liquidity/going concern risks due to short-term debt maturities and operating losses, with plans to offset via real estate monetization and inventory reduction .
Vesting Schedules and Equity Awards
| Grant Year | Shares Granted | Grant-Date FV (avg) | Vest Date | Notes |
|---|---|---|---|---|
| 2019 (under 2019 LTI) | ~308,000 | $9.94/share | Feb 28, 2023 | 15,000 forfeited; 10,000 regranted in 2023 at $2.08 |
| 2021 (under 2019 LTI) | 297,000 | $6.30/share | Feb 28, 2025 | Forfeitures regranted; cliff vest after 5 fiscal years |
| 2022 LTI | Up to 300,000 | Not applicable | Not applicable | No grants FY 2023–2025 |
As of Feb 28, 2025, no unvested shares or options were outstanding for Craig White; all outstanding shares vested .
Insider Transactions and Selling Pressure
Form 4 transaction-level detail was not disclosed in the proxy or 10-K sections reviewed; options are not outstanding, and no new stock grants occurred in FY 2024–FY 2025, limiting mechanical selling pressure from vesting events .
Compensation Structure Analysis
- No STI payouts in FY 2024–FY 2025 due to not meeting minimum profitability thresholds; CD&A emphasizes primary metrics of revenue growth and pre-tax profitability, indicating at-risk pay is sensitive to operating performance .
- No new LTI grants in FY 2023–FY 2025 under the 2022 plan; vesting of prior-years restricted shares completed by Feb 28, 2025, reducing near-term unvested overhang .
- CEO compensation remained modest and flat ($270k base in FY 2025) with limited perquisites; compensation actually paid adjusts downward with equity fair value movements, showing alignment with TSR .
- Governance: Dual CEO/Chair role offset by Lead Independent Director; committees are independent, mitigating some dual-role concerns .
Risk Indicators & Red Flags
- Going concern: Short-term debt maturities and operating losses raised substantial doubt; management’s deleveraging and inventory reduction plans disclosed .
- Supplier concentration: Usborne agreement noncompliance risks (minimums, letters of credit), including refusal of a $1.0 million rebate; potential termination rights noted .
- No related-party transactions disclosed; reduces conflict risk .
- Hedging/pledging and ownership guidelines not disclosed; clawback policy referenced without detail .
Compensation Peer Group
Not disclosed; no peer group, target percentile, or consultant details beyond committee independence were provided in the reviewed filings .
Investment Implications
- Alignment: Craig White’s 7% ownership and lack of unvested equity or options support strong alignment; absence of new LTI grants in recent years and no STI payouts underscore pay-for-performance discipline amid weak profitability .
- Governance: CEO/Chair dual role is a governance risk but mitigated by independent committees and a lead independent director; nonetheless, independence concerns persist per NASDAQ criteria .
- Liquidity and leverage: The October 2025 sale-leaseback materially reduces debt and interest expense; near-term operating cash flow depends on inventory liquidation and rebuilding Brand Partner network, affecting performance-driven comp recovery potential .
- Trading signals: No mechanical selling overhang from upcoming vesting or options; if profitability thresholds are met, STI payouts could resume, serving as an internal performance signal; ongoing supplier agreement risks and going concern disclosures warrant caution .