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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Pearson plc    PSON   GB0006776081

PEARSON PLC

(PSON)
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Real-time Estimate Quote. Real-time Estimate CHI-X - 10/27 12:30:00 pm
520.7 GBX   -1.31%
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Pearson : splashes out to secure former Disney exec Bird as CEO

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08/24/2020 | 03:25am EDT

* Bird pushed digital to consumer sales at Disney

* Will replace Fallon on Oct. 19

* Shares up 1.5%

LONDON, Aug 24 (Reuters) - Education publisher Pearson has tapped Andy Bird as its next chief executive, turning to a media veteran who helped build Walt Disney's consumer online business to complete its tricky digital transformation.

The British company, which has endured a tumultuous four years as it adapts from selling textbooks to online courseware, said it had agreed to pay more than normal to secure such a "rare" talent whose experience fits with Pearson's requirements.

Bird will replace John Fallon, who cut thousands of jobs and sold off assets in response to a string of profit warnings during his more than seven years in charge of the world's biggest education group. The new CEO will receive a salary of $1.25 million, the chance to double that if he hits targets, the opportunity to earn more again if he beats targets, and shares that vest over three years, currently worth around $9.3 million.

Bird will also buy Pearson shares worth $3.75 million.

"This talent is very rare and very much in demand. All of his experiences are relevant to our journey," Chairman Sidney Taurel told Reuters.

Analysts welcomed the appointment. Although Bird does not have direct experience in education, he has been on Pearson's board since May and helped develop Disney's direct-to-consumer strategy.

He will be tasked with returning Pearson to growth after students in the United States stopped buying expensive text books and started renting or accessing online courseware.

Earlier this year the company maintained its dividend to shareholders even as many major British firms were forced by the COVID-19 crisis to cut payouts, as the pandemic helped accelerate a shift to digital learning as schools and colleges shut.

The company has previously done well during economic downturns, when people out of work return to higher education.

Bird's incentive package needs to be approved for his appointment to be confirmed. (Reporting by Kate Holton; Editing by Sarah Young, David Holmes and Jan Harvey)


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Financials
Sales 2020 3 424 M 4 474 M 4 474 M
Net income 2020 237 M 310 M 310 M
Net Debt 2020 732 M 957 M 957 M
P/E ratio 2020 16,8x
Yield 2020 3,74%
Capitalization 3 899 M 5 097 M 5 095 M
EV / Sales 2020 1,35x
EV / Sales 2021 1,24x
Nbr of Employees 22 500
Free-Float 98,9%
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Technical analysis trends PEARSON PLC
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 17
Average target price 600,88 GBX
Last Close Price 527,60 GBX
Spread / Highest target 70,6%
Spread / Average Target 13,9%
Spread / Lowest Target -14,7%
EPS Revisions
Managers
NameTitle
Andrew Bird Chief Executive Officer & Non-Executive Director
Sidney Taurel Chairman
Albert Roger Hitchcock Chief Operations & Technology Officer
Sally Kate Miranda Johnson Chief Financial Officer & Executive Director
Vivienne Cox Senior Independent Non-Executive Director
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