Pearson shares slide following departure of long-standing finance boss
SHARES in education and publishing group Pearson fell yesterday after it said sales had been held back by weaker markets and it announced the departure of its long-standing finance chief.
The FTSE 100 group reported overall revenues up by just 1 per cent in the first nine months of the year.
It said chief financial officer Robin Freestone would step down next year after 10 years at the company and eight years in the post. The shares fell 30p to 1139p.
Our restructuring programme is on track
Chief executive John Fallon said: “Robin has given us plenty of notice of his intentions and will continue to be fully engaged in leading the company as we ensure a smooth trans-ition to his successor.”
Under Fallon, Pearson is undergoing a restructuring programme that will take the number of jobs cut over the past two years to 4,000.
In a trading update Fallon said the group was performing well in a period of change and in the face of difficult markets.
He added: “We expect those markets to stabilise next year and then return to growth in future years. Our restructuring programme is on track.”