Chairman heads for the exit amid Pearson pay row thetimes.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thetimes.co.uk Daily Mail and Mail on Sunday newspapers.
Pearson chair to depart after £7.2m CEO pay spat with shareholders
Pearson s chair will step down by the 2022 annual meeting at the latest.
Sidney Taurel will step down from chair of Pearson, after rowing with shareholders over handing new chief executive Andy Bird a £7.2m sign on bonus.
The education publisher said Taurel will retire no later than the 2022 annual meeting.
Taurel’s decision came after a third of Pearon’s investors voted against a £7.2m pay award for Bird when he joined the company last year.
The retiring chair was forced to defend he payout, claiming it was necessary due to Bird being an “outstanding candidate”.
LONDON, APRIL 22, 2021: Pearson plc today announces an update on succession planning and additional forthcoming Board changes. Sidney Taurel has informed the Board of his intention to retire as Chair and step down from the Board in due course, no later than the 2022 Annual General Meeting. Pearson Chair, Sidney Taurel said : It s long been my intention that, with a new Chief Executive firmly in place and with strong foundations from which Pearson can grow, I would plan to step down from the Board. The Nomination & Governance Committee will establish a process, led by the Senior Independent Director, to identify and appoint my successor.
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A turnaround plan designed to cut costs and forge closer ties with students will deliver a £200 million hit to profits at Pearson.The education group is reshaping its structure around five new