Richard Weening - Business Career

Business Career

In 1972, Weening founded Advanced Learning Concepts Inc., to develop and publish teaching materials and programs for developmentally disabled children based on early childhood research work of the Waisman Center University of Wisconsin–Madison. In 1974, Advanced Learning Concepts changed its name to Raintree Publishers and expanded into general educational publishing of non-fiction information and reference books for children in kindergarten to 12th grade. Weening served as President and Publisher from 1972 to 1985.

In 1977, Raintree formed Macdonald-Raintree, a joint venture with UK printer and publisher BPC Ltd. Weening served as CEO. In August 1980, British Publishing magnate Robert Maxwell made a hostile takeover bid for Raintree's partner BPC. In collaboration with several British financial institutions and business leaders including Hambros Bank and Electra Investment Trust and Rupert Murdoch, Weening led a “white knight” effort to fight off Maxwell and, with the support of BPC's Chairman, gain control of BPC British Printing Corporation and its Macdonald Publishing Group. Weening's effort did not succeed and Maxwell won the takeover battle but later lost control after being accused of looting the pension funds of his various companies. In lawsuits which lasted 10 years, Weening and Maxwell fought over Maxwell’s alleged mismanagement of British Printing Corporation and Raintree's alleged mismanagement of Macdonald-Raintreer. The dispute was resolved shortly after Maxwell was found dead in the sea near the Canary Islands in a presumed accidental fall from his yacht.

In 1981 Raintree acquired magazine publisher AgriData Resources (including FarmFutures magazine). Weening served as CEO and Publisher until it was sold in 1989. Meanwhile, in 1983 Weening started AgriData Network, one of the first commercial online information services, which made a public offering in 1987 and continues today as ARI Network Services (ARIS:OB). Weening served as a Director until 2008. In 1984 Weening founded Caribbean Communications Company, an FM radio network in the English-speaking Caribbean headquartered in Montserrat. GEM Radio 93.9 went on the air May 15, 1984. In 1989, following the sale of AgriData Resources to ABC Publishing, Weening founded QUAESTUS & Co., Inc, a private venture capital firm which specializes in start-up companies.

In 1993 QUAESTUS acquired another online services company Connect Inc. and converted it into an enterprise software company that built the first e-commerce platform for business. Connect did an initial public offering in 1995 (formerly NASDAQ:CNCT) and was later acquired by another e-commerce company. In 1996, QUAESTUS funded the start-up of Cumulus Media (NASDAQ:CMLS), a radio broadcasting company which completed an initial public offering in 1998 and by the end of 1999 owned and operated 260 stations in 48 US cities. Among the company’s early acquisitions was Caribbean Communications Company. Weening served as Cumulus’ Executive Chairman from 1996 to 2000. He served as a member of the Cumulus board of directors until 2002.

In 2001 the Security and Exchange Commission accused Weening of attempting to improve the 1999 fourth quarter earnings of Cumulus by reducing a part of his 1999 compensation. Though the proposed refund was never implemented, the SEC believed the proposal was an effort to manage earnings and threatened to file a civil lawsuit. Weening avoided the lawsuit by paying a $75,000 fine without admitting or denying guilt.

In 2003, a fund managed by QUAESTUS acquired Prolitec SA, a French technology company. The Company relocated from France to Milwaukee, Wisconsin, and operates as Prolitec Inc., a provider of indoor air quality and environmental services including ambient scenting, odor control and infection control systems. Weening is Chairman and CEO of Prolitec and Manager of its Aerobiology and Infection Control business unit. Weening resides in Milwaukee, Wisconsin, and Seattle, Washington.