Language software company Rosetta Stone today revealed its new chief executive alongside narrowing losses in its results for its year ended December 2015.
Revenue for the company's full year dropped to $217.7m (£152.2m), down 17 per cent from $261.9m in 2014, although it narrowed its losses to $46.8m, an improvement of 37 per cent compared with $73.7m the year before.
The company also announced John Hass as the company's new president and chief executive. Hass had been serving as interim president and chief executive since April last year.
"Substantial progress has been made over the past 12 months in simplifying our business and reducing its cost base, allocating our investment dollars wisely and building effective and engaging products for our customers," said Hass. "I look forward to continuing to work with the board of directors and the entire Rosetta Stone team as we continue the restructuring and position our company for profitable growth."
Revenue for the company's fourth quarter fell to $58m, down 27 per cent compared with $79.3m the year before, although its losses narrowed to $11.4m, an improvement of 47 per cent compared with a net loss of $21.5m in 2014.
Hass remarked: "We delivered solid results in the fourth quarter as we continued to take aggressive action to improve operating performance and strengthen the business for the long-term."