Pearson pumps for ex-Fidelity man |
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Sun, 31 Jul 2005 13:35
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LONDON: Pearson, the parent company of the Financial Times announced yesterday that outgoing chairman, Lord Stevenson would be replaced by Glen Moreno, the former chief executive of Fidelity International. Mr. Moreno is due to take over on October 1 when Lord Stevenson officially steps down.
Commenting on the decision to bypass three other high-profile candidates who were touted for the job, Chairman Stevenson said, "We were looking for someone with experience of building businesses, a truly international perspective and an empathy with our culture. Glen scores very highly on all counts, and I'm delighted to hand over to him." Mr. Moreno, 62 has previously worked on the continent as well as Asia before finally coming over to Fidelity International in 1987. He was there until 1991, when he retired as the CEO. He has been filling time as a director in several establishments after his Fidelity role. He however continues to be on the Fidelity board as a non-executive director.
Commenting on Pearson's choice, the vice-chairman of Fidelity International Barry Bateman, said, "He's just what Pearson needs at this stage. It hasn't given a lot of shareholder value and there is a lot in it that needs unlocking. My guess is Glen will first ask 'can we make something of Penguin and the FT ourselves?' Only if he feels Pearson can't will he say 'maybe we need to go to Plan B."
According to reports Moreno impressed Dame Marjorie Scardino with his no-nonsense approach, "We asked for someone who is analytical, strategic and international. But we also want someone who appreciates the assets and, like us, is not religious about them. Glen's record in growing businesses is perfect for this stage of Pearson's development, and we're thrilled to welcome him to Pearson," she was quoted as saying.
Glen Moreno is an American citizen and this fact has been seized by analysts who say that he will find the going very difficult in the complex environment of Pearson's three-pronged strategy of publishing textbooks, bestsellers and newspapers. The results have been at best inconsistent and Moreno will have to conjure up something of a miracle if he is to turn the company around.
Moreno was not available for comment on his appointment, but issued a statement saying, "I'm looking forward to working with Marjorie and the team to deliver value to customers and shareholders."
The news of Moreno's appointment drove Pearson shares up by 1.5 percent to 688 pence.
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