Valore Switches CEOs, Discloses 'Restructuring'

As we mentioned earlier this week in the Beat, we got word that the digital textbook marketplace Valore has recently made high-level personnel changes. We've now gotten more details confirming that Valore has undergone a restructuring. No changes have shown up on the company's website, but Kevin Walker is no longer listed as CEO on LinkedIn. At the same time, Geoffrey Willison, who had previously been Valore’s COO, has updated his profile to include the CEO title. Meanwhile, Ryan Moore of Accomplice, one of Valore’s investors, told me this week that “there were some people let go ... I can’t say exactly who or how many people because I don’t know where it all settled." This restructuring follows Valore's acquisition of Boston digital textbooks startup Boundless last spring. Update: Ariel Diaz told us in an email, "Matt Hodgson and I have stepped down from our day to day roles, and will be staying on as Advisors to Boundless. Excited for the platform and team we’ve built and looking forward to future growth." Diaz also tweeted about the move.   After 5 years, I'm leaving @GoBoundless, and staying on as an advisor. Proud of what we've built and excited for its growth. — Ariel Diaz (@arieldiaz) January 22, 2016   In an email, Valore VP of marketing Meera Oliva said that “we did undergo a small restructuring at Valore. We continue to pursue becoming a leader in our digital publishing and textbook marketplace businesses and we are making terrific progress in that regard." “We are focused on profitability and growth and have restructured our team to put us in a stronger position to realize that vision," Oliva said. Valore had previously disclosed that it generated $65 million in revenue in 2014, and in the past has discussed the possibility of going public. “The business is growing nicely and it’s focused on profitability. The marketplace is also growing nicely,” Moore said. “Digital publishing is blowing up." There still seem to be a couple of puzzle pieces missing - specifically the exact details about the people laid off. In all of the conversations we’ve had with Valore, everyone close to the company asserts that any cuts made are not indicative of poor performance. “The business continues to do well. We are focused on profitability and had to reduce some of our costs,” Moore said. Jeff Bussgang of Flybridge Partners, another Valore backer, reiterated, “The company is doing well and focused on profitability in 2016.” Image on file.