(IN BRIEF) Pearson plc’s Board has appointed Omar Abbosh as the company’s new Chief Executive Officer and Executive Director, effective in early 2024. Abbosh, an accomplished global leader with over three decades of experience in enterprise technology and a successful track record in strategy and transformation for multinational corporations, will take over from the retiring CEO, Andy Bird. Omar Abbosh currently serves as President of Microsoft’s Industry Solutions business, overseeing sales, service, and solutions for Microsoft’s largest global customers. Prior to Microsoft, he held various senior leadership positions at Accenture, including Chief Strategy Officer and Chief Executive of the global Communications, Technology, and Media business. Pearson Chair Omid Kordestani expressed gratitude to Andy Bird for his leadership in transitioning Pearson into a consumer-focused, lifelong learning-oriented business. The Board believes that Abbosh’s inspirational and growth-focused leadership will drive Pearson’s strategic growth opportunities and continue to deliver value to stakeholders.
(PRESS RELEASE) LONDON, 21-Sep-2023 — /EuropaWire/ — The Board of Pearson plc announces 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.
Omar Abbosh is a highly regarded global leader with over 30 years of experience in enterprise technology driving substantial growth, strategy and transformation for 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 organisational 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 honoured 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 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.
Notes
Forward looking statements:
Except for the historical information contained herein, the matters discussed in this statement include forward-looking statements. In particular, all statements that express forecasts, expectations and projections with respect to future matters, including trends in results of operations, margins, growth rates, overall market trends, the impact of interest or exchange rates, the availability of financing, anticipated cost savings and synergies and the execution of Pearson’s strategy, are forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will occur in future. They are based on numerous assumptions regarding Pearson’s present and future business strategies and the environment in which it will operate in the future. There are a number of factors which could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including a number of factors outside Pearson’s control. These include international, national and local conditions, as well as competition. They also include other risks detailed from time to time in Pearson’s publicly-filed documents and you are advised to read, in particular, the risk factors set out in Pearson’s latest annual report and accounts, which can be found on its website (www.pearsonplc.com). Any forward-looking statements speak only as of the date they are made, and Pearson gives no undertaking to update forward-looking statements to reflect any changes in its expectations with regard thereto or any changes to events, conditions or circumstances on which any such statement is based. Readers are cautioned not to place undue reliance on such forward-looking statements.
Media Contact:
Investor Relations:
Jo Russell
+44 (0) 7785 451 266
James Caddy
+44 (0) 7825 948 218
Gemma Terry
+44 (0) 7841 363 216
Brennan Matthews
+1 (332) 238 8785
Teneo
Charles Armitstead
+44 (0) 7703 330 269
Laura Howe
+1 (202) 748 3284
SOURCE: Pearson
MORE ON PEARSON, ETC.:
- Reuters webinar: Effective Sustainability Data Governance
- Las acusaciones de fraude contra Ricardo Salinas no son nuevas: una perspectiva histórica sobre los problemas legales del multimillonario
- Digi Communications N.V. Announces the release of the Financial Calendar for 2025
- USA Court Lambasts Ricardo Salinas Pliego For Contempt Of Court Order
- 3D Electronics: A New Frontier of Product Differentiation, Thinks IDTechEx
- Ringier Axel Springer Polska Faces Lawsuit for Over PLN 54 million
- Digi Communications N.V. announces the availability of the report on corporate income tax information for the financial year ending December 31, 2023
- Unlocking the Multi-Million-Dollar Opportunities in Quantum Computing
- Digi Communications N.V. Announces the Conclusion of Facilities Agreements by Companies within Digi Group
- The Hidden Gem of Deep Plane Facelifts
- KAZANU: Redefining Naturist Hospitality in Saint Martin ↗️
- New IDTechEx Report Predicts Regulatory Shifts Will Transform the Electric Light Commercial Vehicle Market
- Almost 1 in 4 Planes Sold in 2045 to be Battery Electric, Finds IDTechEx Sustainable Aviation Market Report
- Digi Communications N.V. announces the release of Q3 2024 financial results
- Digi Communications NV announces Investors Call for the presentation of the Q3 2024 Financial Results
- Pilot and Electriq Global announce collaboration to explore deployment of proprietary hydrogen transport, storage and power generation technology
- Digi Communications N.V. announces the conclusion of a Memorandum of Understanding by its subsidiary in Romania
- Digi Communications N.V. announces that the Company’s Portuguese subsidiary finalised the transaction with LORCA JVCO Limited
- Digi Communications N.V. announces that the Portuguese Competition Authority has granted clearance for the share purchase agreement concluded by the Company’s subsidiary in Portugal
- OMRON Healthcare introduceert nieuwe bloeddrukmeters met AI-aangedreven AFib-detectietechnologie; lancering in Europa september 2024
- OMRON Healthcare dévoile de nouveaux tensiomètres dotés d’une technologie de détection de la fibrillation auriculaire alimentée par l’IA, lancés en Europe en septembre 2024
- OMRON Healthcare presenta i nuovi misuratori della pressione sanguigna con tecnologia di rilevamento della fibrillazione atriale (AFib) basata sull’IA, in arrivo in Europa a settembre 2024
- OMRON Healthcare presenta los nuevos tensiómetros con tecnología de detección de fibrilación auricular (FA) e inteligencia artificial (IA), que se lanzarán en Europa en septiembre de 2024
- Alegerile din Moldova din 2024: O Bătălie pentru Democrație Împotriva Dezinformării
- Northcrest Developments launches design competition to reimagine 2-km former airport Runway into a vibrant pedestrianized corridor, shaping a new era of placemaking on an international scale
- The Road to Sustainable Electric Motors for EVs: IDTechEx Analyzes Key Factors
- Infrared Technology Breakthroughs Paving the Way for a US$500 Million Market, Says IDTechEx Report
- MegaFair Revolutionizes the iGaming Industry with Skill-Based Games
- European Commission Evaluates Poland’s Media Adherence to the Right to be Forgotten
- Global Race for Autonomous Trucks: Europe a Critical Region Transport Transformation
- Digi Communications N.V. confirms the full redemption of €450,000,000 Senior Secured Notes
- AT&T Obtiene Sentencia Contra Grupo Salinas Telecom, Propiedad de Ricardo Salinas, Sus Abogados se Retiran Mientras Él Mueve Activos Fuera de EE.UU. para Evitar Pagar la Sentencia
- Global Outlook for the Challenging Autonomous Bus and Roboshuttle Markets
- Evolving Brain-Computer Interface Market More Than Just Elon Musk’s Neuralink, Reports IDTechEx
- Latin Trails Wraps Up a Successful 3rd Quarter with Prestigious LATA Sustainability Award and Expands Conservation Initiatives ↗️
- Astor Asset Management 3 Ltd leitet Untersuchung für potenzielle Sammelklage gegen Ricardo Benjamín Salinas Pliego von Grupo ELEKTRA wegen Marktmanipulation und Wertpapierbetrug ein
- Digi Communications N.V. announces that the Company’s Romanian subsidiary exercised its right to redeem the Senior Secured Notes due in 2025 in principal amount of €450,000,000
- Astor Asset Management 3 Ltd Inicia Investigación de Demanda Colectiva Contra Ricardo Benjamín Salinas Pliego de Grupo ELEKTRA por Manipulación de Acciones y Fraude en Valores
- Astor Asset Management 3 Ltd Initiating Class Action Lawsuit Inquiry Against Ricardo Benjamín Salinas Pliego of Grupo ELEKTRA for Stock Manipulation & Securities Fraud
- Digi Communications N.V. announced that its Spanish subsidiary, Digi Spain Telecom S.L.U., has completed the first stage of selling a Fibre-to-the-Home (FTTH) network in 12 Spanish provinces
- Natural Cotton Color lancia la collezione "Calunga" a Milano
- Astor Asset Management 3 Ltd: Salinas Pliego Incumple Préstamo de $110 Millones USD y Viola Regulaciones Mexicanas
- Astor Asset Management 3 Ltd: Salinas Pliego Verstößt gegen Darlehensvertrag über 110 Mio. USD und Mexikanische Wertpapiergesetze
- ChargeEuropa zamyka rundę finansowania, której przewodził fundusz Shift4Good tym samym dokonując historycznej francuskiej inwestycji w polski sektor elektromobilności
- Strengthening EU Protections: Robert Szustkowski calls for safeguarding EU citizens’ rights to dignity
- Digi Communications NV announces the release of H1 2024 Financial Results
- Digi Communications N.V. announces that conditional stock options were granted to a director of the Company’s Romanian Subsidiary
- Digi Communications N.V. announces Investors Call for the presentation of the H1 2024 Financial Results
- Digi Communications N.V. announces the conclusion of a share purchase agreement by its subsidiary in Portugal
- Digi Communications N.V. Announces Rating Assigned by Fitch Ratings to Digi Communications N.V.
- Digi Communications N.V. announces significant agreements concluded by the Company’s subsidiaries in Spain
- SGW Global Appoints Telcomdis as the Official European Distributor for Motorola Nursery and Motorola Sound Products
- Digi Communications N.V. announces the availability of the instruction regarding the payment of share dividend for the 2023 financial year
- Digi Communications N.V. announces the exercise of conditional share options by the executive directors of the Company, for the year 2023, as approved by the Company’s Ordinary General Shareholders’ Meetings from 18th May 2021 and 28th December 2022
- Digi Communications N.V. announces the granting of conditional stock options to Executive Directors of the Company based on the general shareholders’ meeting approval from 25 June 2024
- Digi Communications N.V. announces the OGMS resolutions and the availability of the approved 2023 Annual Report
- Czech Composer Tatiana Mikova Presents Her String Quartet ‘In Modo Lidico’ at Carnegie Hall
- SWIFTT: A Copernicus-based forest management tool to map, mitigate, and prevent the main threats to EU forests
- WickedBet Unveils Exciting Euro 2024 Promotion with Boosted Odds
- Museum of Unrest: a new space for activism, art and design
- Digi Communications N.V. announces the conclusion of a Senior Facility Agreement by companies within Digi Group
- Digi Communications N.V. announces the agreements concluded by Digi Romania (formerly named RCS & RDS S.A.), the Romanian subsidiary of the Company
- Green Light for Henri Hotel, Restaurants and Shops in the “Alter Fischereihafen” (Old Fishing Port) in Cuxhaven, opening Summer 2026
- Digi Communications N.V. reports consolidated revenues and other income of EUR 447 million, adjusted EBITDA (excluding IFRS 16) of EUR 140 million for Q1 2024
- Digi Communications announces the conclusion of Facilities Agreements by companies from Digi Group
- Digi Communications N.V. Announces the convocation of the Company’s general shareholders meeting for 25 June 2024 for the approval of, among others, the 2023 Annual Report
- Digi Communications NV announces Investors Call for the presentation of the Q1 2024 Financial Results
- Digi Communications intends to propose to shareholders the distribution of dividends for the fiscal year 2023 at the upcoming General Meeting of Shareholders, which shall take place in June 2024
- Digi Communications N.V. announces the availability of the Romanian version of the 2023 Annual Report
- Digi Communications N.V. announces the availability of the 2023 Annual Report
- International Airlines Group adopts Airline Economics by Skailark ↗️
- BevZero Spain Enhances Sustainability Efforts with Installation of Solar Panels at Production Facility
- Digi Communications N.V. announces share transaction made by an Executive Director of the Company with class B shares
- BevZero South Africa Achieves FSSC 22000 Food Safety Certification
- Digi Communications N.V.: Digi Spain Enters Agreement to Sell FTTH Network to International Investors for Up to EUR 750 Million
- Patients as Partners® Europe Announces the Launch of 8th Annual Meeting with 2024 Keynotes and Topics
- driveMybox continues its international expansion: Hungary as a new strategic location
- Monesave introduces Socialised budgeting: Meet the app quietly revolutionising how users budget
- Digi Communications NV announces the release of the 2023 Preliminary Financial Results
- Digi Communications NV announces Investors Call for the presentation of the 2023 Preliminary Financial Results
- Lensa, един от най-ценените търговци на оптика в Румъния, пристига в България. Първият шоурум е открит в София
- Criando o futuro: desenvolvimento da AENO no mercado de consumo em Portugal
- Digi Communications N.V. Announces the release of the Financial Calendar for 2024
- Customer Data Platform Industry Attracts New Participants: CDP Institute Report
- eCarsTrade annonce Dirk Van Roost au poste de Directeur Administratif et Financier: une décision stratégique pour la croissance à venir
- BevZero Announces Strategic Partnership with TOMSA Desil to Distribute equipment for sustainability in the wine industry, as well as the development of Next-Gen Dealcoholization technology
- Editor's pick archive....