Pearson chair to depart after £7.2m CEO pay spat with shareholders
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”.
In a statement today Taurel said it had long been his intention that when a new chief executive was in place, he would step down.
“Pearson has made good progress over the past few years in transforming to become a more focused, digital learning company.
“In Andy Bird, we have a new chief executive with a clear and exciting vision for the future, supported by a refreshed Board and a strengthened senior management team.”