RM announces that, after more than six years in the role and twenty seven years with the Group, Tim Pearson will retire as CEO on 30 September 2008. He will be succeeded by Terry Sweeney, who is currently the Group's Managing Director - Education Resources and Software.
Terry Sweeney (40) joined RM in 1998. He was appointed Hardware Solutions Director in 2002, and Managing Director - Education Resources and Software in 2006. As Hardware Solutions Director, he was responsible for RM's successful differentiated hardware strategy, including introducing the innovative RM One PC. More recently he has been instrumental in RM's successful entry into the education resources market, including the acquisition of TTS, and has driven the Group's international expansion.
Tim Pearson was appointed CEO of RM in February 2002 and has led the Group through a period of successful sustained development.
John Leighfield, CBE, Chairman of RM, commented:
'In his six years as CEO, Tim has both provided clear strategic direction and built an educational ICT project delivery capability that is unrivalled. Under his leadership, RM has been transformed into a group of education companies with four clear focus areas, and is firmly established as the leading supplier of technology to the Government's BSF programme. All of our stakeholders - shareholders, customers and staff - have benefitted from his strong leadership and unwavering commitment to high standards.
'Tim indicated to me some time ago his desire to move on at some point. The Nomination Committee's succession plan involved working with an executive search firm to implement a thorough search for a potential replacement. We considered a number of excellent candidates - both external and internal - and I am confident that Terry, whose entrepreneurial flair has been a major factor in RM's very significant success in education resources, is the right choice as the next leader for RM.'
Tim Pearson said:
'The last six years at RM have been demanding and very rewarding. However, for a while I've wanted to make some changes in my life, including moving to Northern Scotland with my family. With the Group in good shape, now is the right time to make the break. Having worked for RM for such a long time, I intend to take some time out before looking for new challenges.
'I feel privileged to have worked here - it's a great company, with great people, and I'm pleased that one of those people will be taking over from me. Terry has already made a significant contribution to RM - and I know that he will bring new energy and enthusiasm to take the Group forward.
'I'm proud to be handing over at a time when RM has both record committed revenues and record customer satisfaction levels. Our excellent win rate in BSF projects, along with the development of a more broadly-based education business, provide a great platform for the future.'
Terry Sweeney has a degree in Electrical and Electronic Engineering from City University, an MBA from Oxford Brookes University and attended the Harvard Business School Advanced Management Programme in 2007. Prior to joining RM he was Global Procurement Manager at British Aerospace. Terry is married and lives with his wife and three children in Oxfordshire.
Terry Sweeney will be appointed to the Board as an Executive Director with immediate effect. He has not held any other Directorships of publicly quoted companies within the last five years. There are no other matters relating to Terry that need to be disclosed pursuant to paragraph 9.6.13 of the Listing Rules.
Founded in 1973, the RM Group is a leading provider of educational products and services to schools, colleges and universities, local government and central government education departments and agencies. RM works closely with educationalists to create new products, processes and technology which improve teaching and learning. RM is listed on the main market of the London Stock Exchange under the symbol RM.L, ISIN GB0002870417.