New York, NY (February 9, 2004) -- Scholastic Corporation (NASDAQ: SCHL) today announced that Mary A. Winston, 42, most recently Vice President and Controller of Visteon Corporation, an $18 billion global automotive supplier, has joined Scholastic as Executive Vice President and Chief Financial Officer. Kevin J. McEnery, who has held these positions since l995, has resigned to pursue new career opportunities with the potential for broader responsibilities. Scholastic also confirmed its previously announced earnings guidance of $1.95 to $2.35 per share for the current 2004 fiscal year ending May 31, 2004.
 
Richard Robinson, Chairman, President and Chief Executive Officer of Scholastic, said, “Given that Kevin had expressed his interest in seeking new opportunities, I wish him well in his future endeavors and I sincerely thank him for his dedicated service to Scholastic throughout his nine-year tenure as CFO. All of us at Scholastic greatly appreciate the value he has added to our company.”
 
In addition Robinson stated, “I am extremely pleased to welcome Mary Winston to our management team. Mary's breadth of experience in finance and industry, coupled with her expertise in strong consumer businesses and brands, will further help Scholastic's capital allocation, cash flow and overall financial performance. Having served in increasingly senior financial roles at several well-respected, multi-billion dollar global public companies for more than 15 years, after four years in public accounting, Mary brings a wealth of financial experience and business acumen which will greatly benefit Scholastic's growth.”
 
Kevin McEnery said, “I have thoroughly enjoyed my time at Scholastic, working with talented people in a company which has a strong franchise with its school and home customers, but I am now ready to take my career in a new direction. Scholastic is poised for a great future and I wish all of my colleagues the best.”
 
Mary Winston said, “I am excited to join Scholastic at this stage of its growth. Scholastic has a powerful brand, a committed management team, and many opportunities to build on a solid foundation. I look forward to helping Scholastic in its mission of enriching the lives of parents, teachers, and children, and doing so in a manner that enhances long-term value for shareholders.”
 
At Visteon, Ms. Winston held the position of Vice President, Treasurer prior to her most recent role. Before joining Visteon, she spent seven years at Pfizer and Warner-Lambert, where she served in senior management roles, including Vice President, Global Financial Operations for the pharmaceutical business; Vice President, Finance & Administration overseeing all financial aspects of the Canadian consumer products business; and Vice President, Assistant Treasurer, International. Before joining Warner-Lambert in 1995, Ms. Winston spent four years at Baxter International, most recently as Director of Business Development & Strategy for its Biotech Division. From 1987 to 1991, she was at Ameritech in positions including Manager, Accounting and Information Systems, and Manager, Accounting Operations & Standards. She began her career at Arthur Andersen & Co., where she spent four years as a senior auditor. A Certified Public Accountant, she holds an M.B.A. degree from Northwestern University's Kellogg Graduate School of Management and a bachelor's degree in Accounting and Information Systems from the University of Wisconsin.
 
About Scholastic
Scholastic Corporation is the world's largest publisher and distributor of children's books. Scholastic creates quality educational and entertaining materials and products for use in school and at home, including children's books, magazines, technology-based products, teacher materials, television programming, film, videos and toys. The Company distributes its products and services through a variety of channels, including proprietary school-based book clubs, school-based book fairs, and school-based and direct-to-home continuity programs; retail stores, schools, libraries and television networks; and the Company's Internet site, www.scholastic.com .

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