WISCONSIN RAPIDS, Wis.,
April 23 /PRNewswire-FirstCall/ --
Renaissance Learning™, Inc. (Nasdaq: RLRN), a leading provider of
technology to support personalized practice, differentiated
instruction, and progress monitoring in reading, math, and writing
for pre-K–12 schools and districts, announced a succession plan for
Terrance Paul, Chief Executive
Officer, and Judith Paul, Chairman
of the Board, the husband and wife team who co-founded Renaissance
Learning and are its principal shareholders. Mr. Paul intends
to step down from his position as CEO and at that point assume the
position of Chairman of the Board, currently held by Ms. Paul.
At that time, Ms. Paul will be appointed to the position of
Vice Chairman of the Board. While the company anticipates
that this transition will occur later this year, no definite date
has been set and will depend on when Mr. Paul's successor is
identified. The Board of Directors has unanimously approved
this plan of succession and intends to commence the search for a
new CEO immediately.
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"Judi and I have been contemplating this change for some time,"
said Mr. Paul. "Though we are still very excited about what
Renaissance Learning is doing and accomplishing, we are at an age
where we want to devote more time to other endeavors and to family.
The company is in great financial shape and positioned for
growth which makes it an opportune time to consider stepping back
from the day to day operation of the company. In my role as
Chairman, I intend to assist in the transition of the CEO
responsibilities to my successor and continue to provide input for
the overall company strategy and major product development
decisions. In her role as Vice Chairman, Judi will continue
to serve as the company's spokesperson and advocate on behalf of
teachers."
"Renaissance Learning has a great management team in place
including Steve Schmidt, President
and COO," continued Mr. Paul. "Steve has expressed his full
support for the succession plan but feels he can best serve the
company and promote its mission in his current role and therefore
chose not be considered for the CEO position. Consequently,
the CEO search will focus on external candidates. It may take
some time, but we are confident we can find the right person who is
as dedicated to our core educational mission to accelerate learning
as we are. We feel this is a very positive move at the right
time for the future of the company, and for our customers,
shareholders, and our employee family."
"The Board of Directors appreciates Terry and Judi's foresight
in orchestrating an orderly transition plan," added Harold Jordan, Lead Director of the Board of
Directors of Renaissance Learning. "The succession plan
envisioned allows Terry and Judi to remain involved strategically
and with high level oversight, and at the same time adds new talent
and leadership to accelerate the company's growth and impact on
student learning."
Renaissance Learning, Inc.
Renaissance Learning, Inc. is the world's leading provider of
computer-based assessment technology for pre-K–12
schools. Adopted by more than 72,000 schools, Renaissance
Learning's tools provide daily formative assessment and periodic
progress-monitoring technology to enhance core curriculum, support
differentiated instruction, and personalize practice in reading,
writing and math. Renaissance Learning products help educators make
the practice component of their existing curriculum more effective
by providing tools to personalize practice and easily manage the
daily activities for students of all levels. As a result, teachers
using Renaissance Learning products accelerate learning, get more
satisfaction from teaching, and help students achieve higher test
scores on state and national tests. Renaissance Learning has seven
U.S. locations and subsidiaries in Canada and the United Kingdom.
This press release contains forward-looking statements made
pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995, including statements regarding the
CEO succession plan. These forward-looking statements are
based on current expectations and various assumptions which
management believes are reasonable. However, these statements
involve risks and uncertainties that could cause actual results to
differ materially from any future results encompassed within the
forward-looking statements. Factors that could cause or
contribute to such differences include risks described in the
Company's filings with the Securities and Exchange Commission,
including the Company's 2009 Annual Report on Form 10-K and later
filed quarterly reports on Form 10-Q and Current Reports on Form
8-K, which factors are incorporated herein by reference. The
Company expressly disclaims a duty to provide updates to
forward-looking statements, whether as a result of new information,
future events or other occurrences.
SOURCE Renaissance Learning, Inc.