Pearson chief executive to step down

City A.M. Reporter
Pearson chief executive Majorie Scardino is to step down at the end of the year.

John Fallon, chief executive of Pearson’s International Education Division since 2008, will succeed her from 1 January 2013.

Scardino joined Pearson as chief executive in 1997, and has seen sales triple to almost £6bn and profits increase three-fold during her 16-year tenure.

Pearson chairman Glen Moreno said this morning: "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.”

Ian Whittaker, analyst at Liberum Capital, said the departure could lead to the sale of the FT Group, which includes the famous financial newspaper, because Scardino was seen as highly committed to the title, unlike some of the other executives at the business.