Pearson plc has announced the prospective appointment of Andy Bird as its new Chief Executive, effective October 19, 2020. It is intended that John Fallon will continue as Chief Executive until the date, when he will step down from the Board and remain as an advisor until the end of the year. Andy is currently a Non-Executive Director at Pearson plc and was appointed to the Board on May 1, 2020.
Andy has had a distinguished career spanning 35 years in the media industry. Most recently he worked for The Walt Disney Company, as Chairman of Walt Disney International, responsible for the company’s businesses outside of the US. After joining in 2004, he led a major expansion of Walt Disney International, transforming the organisation into a digital-first business focused on the diverse needs of consumers around the world.
Prior to The Walt Disney Company, Andy held a number of senior positions at AOL Time Warner, and spent the earlier part of his career in a variety of roles at Piccadilly Radio and Virgin Broadcasting Company, among others.
In order to secure the appointment of a high-quality candidate, the Board has, having consulted with a small number of Pearson’s largest shareholders, approved a remuneration package which it is satisfied will promote the long-term success of Pearson and support the creation of long-term shareholder value.
The package includes a co-investment award, recognising a significant personal investment in Pearson shares that Andy has committed to make, along with salary, bonus, allowance in lieu of pension and long-term incentive awards.
The co-investment award is outside Pearson’s remuneration policy approved by shareholders at its Annual General Meeting in 2020 and requires separate approval by shareholders. A specially convened general meeting will take place to obtain such approval, details of which will be announced in due course. The appointment of Andy as Chief Executive is conditional upon that approval.
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