Pearson CEO steps down as co exits Penguin
Education publisher Pearson said chief executive John Fallon was stepping down and would retire in 2020 once a successor had been appointed.
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"We're now at the stage where it's time to transition to a new leader, who can bring a fresh perspective. As the board works on my succession, I will continue to be completely committed to leading the company through this major transformation," Fallon said in a statement on Wednesday.
In a separate announcement the company said it was selling its remaining 25% stake in Penguin Random House to partner Bertelsmann for $675m (£530m) and would return £350m to shareholders through a buyback.
The deal values the Penguin Random House venture at an enterprise value of $3.67bn, compared with the $3.55bn enterprise valuation in 2017 when Pearson sold a 22% stake in the joint venture, the company said.
"For almost 50 years, Pearson has been proud to play our part in the publishing and commercial success of first Penguin and then more recently Penguin Random House. With the sale of our remaining stake to our partners, Bertelsmann, we know the company is in good hands - and we wish our colleagues and authors every future success," Fallon said.