Andy Bird to retire
LONDON, Sept. 20,
2023 /PRNewswire/ -- The Board of Pearson PLC
(FTSE: PSON.L), the world's leading learning company, today
announced the appointment of Omar
Abbosh as its new Chief Executive Officer and Executive
Director, effective early 2024. Omar
Abbosh will succeed Andy
Bird, who has decided to retire as CEO of Pearson.
Appointment of Omar
Abbosh as Pearson's new Chief Executive Officer and
Executive Director, effective early 2024
Omar Abbosh is a highly regarded
global leader with over 30 years of experience in enterprise
technology driving substantial growth, strategy and transformation
of leading multinational companies. He has a deep understanding of
the dynamic business and technology landscape having helped to
shape and execute successful strategies in a world of
disruption.
Omar is President of Microsoft's Industry Solutions business
with direct responsibility for driving sales, service, and
solutions across Microsoft's largest global customers. He leads
industry and technical business units including strategy,
engineering, partnering and sales teams that shape product road
maps and strategic campaigns across industries.
Prior to Microsoft, he spent three decades at Accenture in
numerous senior leadership roles, including Chief Strategy Officer
and ultimately as Chief Executive of the global Communications,
Technology and Media business. Omar also serves as a member of the
Board of Zuora Inc, a NYSE listed, enterprise SaaS company.
Omid Kordestani, Chair of
Pearson, said:
"On behalf of the Board and the Pearson
team, I would like to thank Andy for his outstanding leadership
over the last three years. Andy has implemented an ambitious vision
and strategy for the company and has successfully transitioned
Pearson into a consumer-focused business, orientated around
lifelong learning. He has driven substantial cultural and
organizational change and delivered consistently strong financial
performance. With Pearson on firm foundations and with a trajectory
for growth, Andy feels now is the right time to hand the reins to a
successor.
"The Board is delighted, having conducted a thorough selection
process, to appoint Omar Abbosh as
our new Chief Executive. Omar is an inspirational, dynamic and
growth orientated leader with deep commercial, technology and
operational expertise focused on delivering high quality services
and products across diverse markets and customer sets. He has
extensive experience in creating and executing strategies to enable
companies to harness technology and succeed in a world of
disruptive change. He shares our values and our ambition and has a
strong track record of execution. The Board and I look
forward to working with Omar as we accelerate our strategy and
continue to deliver value for all our stakeholders."
Omar Abbosh said:
"I am
honored to have been appointed as the next Chief Executive of
Pearson. The Company is at an exciting stage of its growth journey
in markets that are increasingly digital. I look forward to
building on the strategic growth opportunities, along with the
leadership team, placing Pearson in the vanguard of lifelong
learning. Education and learning are fundamental to help people
progress through their lives and I am thrilled to work with our
customers and partners to build on Pearson's heritage and deliver
on the next chapter for all our stakeholders. This is a truly vital
mission."
Andy Bird said:
"It has
been an enormous privilege to lead Pearson through a period of
significant change over the last three years. The business is now
firmly established as a digital-first learning company, with
technology driving significant growth. It is re-focused around the
learner and lifelong learning, with a stronger culture and
increased emphasis on accountability and execution. We are well
positioned for future growth with a clear vision and a strong
management team to deliver it. I am confident that Omar has the
right skillset and experience to take Pearson forward."
There is no further information to be declared in accordance
with LR 9.6.13.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Remuneration package disclosure
Omar Abbosh's remuneration arrangements are
consistent with the remuneration policy approved by shareholders in
April 2023. The principal elements
are as follows:
- An annual base salary of £1,000,000;
- An annual cash allowance of 16% of base salary in lieu of
pension; in line with the maximum available company pension
contribution for UK employees of a similar age;
- Participation in Pearson's performance based Annual Incentive
Plan (AIP) from 2024, with a maximum annual opportunity of 300% of
base salary and a target bonus equal to 50% of the maximum
opportunity;
- From 2024, participation in the performance based Pearson Long
Term Incentive Plan with an annual face value of 450% of base
salary;
- In addition, Pearson will compensate Omar for remuneration he
will forgo as a result of resigning from his current role on a
like-for-like basis. This will consist of a cash payment in lieu of
his annual bonus expected to be £249,050 covering the 6 months
between the end of his current employer's financial year end and
the beginning of his eligibility for Pearson's AIP in 2024; and an
award of restricted shares of equivalent value to a maximum of
50,813 Microsoft shares, determined by the average Microsoft share
price at an average FX rate over a 3 month period, which will vest
annually in three equal tranches to match the awards forgone. This
maximum share award has a value of approximately £13m at current
share price and FX.
Omar will be subject to the ongoing shareholding policy that
currently requires him to build up a shareholding of Pearson shares
with a market value of 4.5x salary.
Further details of Omar's remuneration will be disclosed as
appropriate in the 2023 annual report.
The remuneration arrangements in relation to Andy Bird's departure from Pearson will be
disclosed on Pearson's website at the appropriate time in
accordance with section 430(2B) of
the Companies Act 2006
About Pearson
At Pearson, our purpose is simple:
to add life to a lifetime of learning. We believe that every
learning opportunity is a chance for a personal breakthrough.
That's why our c.20,000 Pearson employees are committed to creating
vibrant and enriching learning experiences designed for real-life
impact. We are the world's leading learning company, serving
customers in c.200 countries with digital content, assessments,
qualifications, and data. For us, learning isn't just what we do.
It's who we are.
For more information visit us at pearsonplc.com and connect with
Pearson on Twitter and LinkedIn.
Media Contact:
Dan.Nelson@pearson.com
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SOURCE Pearson