Pearson CEO Scardino to step down

Pearson, the FTSE 100 education and publishing firm which labels itself as a 'leading learning company', has announced that its Chief Executive Officer (CEO) Marjorie Scardino has decided to call it quits at the end of the year.

Having led the firm since January 1997, Scardino is one of the FTSE 100's longest-serving CEOs. She is also the Chairman of the MacArthur Foundation, Vice Chairman of Nokia and a director of Oxfam.

Glen Moreno, Pearson's Chairman, said: "Under Marjorie's leadership, Pearson has fundamentally shifted its business portfolio towards all kinds of learning, its geographic exposure towards fast-growing economies and its product mix towards digital and services. It has been a radical and highly successful transformation.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

"I know that many of Pearson's shareholders, customers and people will join me today in applauding her enormous contribution to the company," he said.

She will be replaced by the CEO of Pearson's International Education division John Fallon. He has held that position since 2008 and before that was the head of the Europe, Middle East and Africa unit since 2003.

The company said in a statement on Wednesday that, under Fallon's leadership, International Education sales have increased from £322m to £1.4bn and profits from £12m to almost £200m in the past decade.

Incoming frontman Fallon commented: "Marjorie's legacy is a company with a strong performance record, a deep commitment to its wider social purpose and a unique culture. I am proud to be part of the company; it is a tremendous honour and responsibility to be asked to lead it."