Pearson chairman Moreno to step down

Pearson chairman Moreno to step down

Glen Moreno is preparing to step down from his role as chairman of Pearson after a decade, according to Sky News.

Sources told the broadcaster that Pearson's nominations committee had enlisted JCA Group, a City headhunting firm, to oversee the process of recruiting Moreno's successor.

Moreno joined Pearson, which owns the Financial Times and has a 47% stake in Penguin Random House, in 2005. During his tenure the company made significant restructures, resulting in job losses.

However, a Pearson spokesman told Sky News: "Glen Moreno continues as Pearson's chair and we have not begun an active search for a successor."

In January the company said it faced “tough conditions” in 2014, as policy and cyclical pressures affected its two biggest markets of North America and the UK.

Chief executive John Fallon said: “Despite continuing challenging market conditions, overall we had a good competitive performance in 2014 and expect to report results in line with the guidance we gave at the start of the year.

"We enter 2015 a simpler, leaner, more cash generative business, well set for long-term growth and success, helping more people around the world make progress in their lives through learning.”

The company will release its 2014 results in full on the 27th February.