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John Fallon, CEO of education publisher Pearson, will retire from his role in 2020.
Fallon, who has been CEO of Pearson since 2013, will step down once a successor has been appointed. The process to select a new CEO will be led by Sidney Taurel, chairman of Pearson’s Board of Directors.
Fallon led Pearson “through a period of significant change” and spearheaded the company’s “transformation from a media conglomerate to a single focused learning company,” Taurel said in a news release.
“Under John’s leadership Pearson has become a simpler, more digital-focused business underpinned by a stronger balance sheet and better positioned to deliver a sustainable and healthy future,” said Taurel. “The board and I are grateful for John’s significant contribution.”
“There’s a lot still to do, but we’re making good progress in navigating Pearson through a period of huge change,” said Fallon. “Over 75 percent of our company is now growing, as we work our way through a major industry-wide disruption in the other 25 percent of Pearson -- U.S. higher education courseware. All of Pearson is now very well placed to meet the need for affordable and effective learning.”
Fallon said Pearson is “now at the stage where it’s time to transition to a new leader, who can bring a fresh perspective.”
Fallon also announced yesterday that Pearson would sell its 25 percent stake in book publisher Penguin Random House to media company Bertelsmann. The sale will generate net proceeds of approximately $650 million.
