16 replies (most recent on top)
@6kih+1fHNkSdV The people that jump to Pearson from other industries are there to ride the Gravy Train. The evidence is the simplistic ideas and repeated catch phrases. There is no depth. They see it as an easy job but the payoff? The money is there. These folks have been let go from other corps or were wildly unpopular so this is an excellent money grab. We should all be so lucky.
@6dlb+1fHNkSdV outside thinking is what we need, but those outside thinkers need to be competent enough to understand the fundamentals of what they're walking into - and this crowd have zero idea.
KC was ahead of his time at NAHE, too much momentum and addiction to the print model when he arrived. Product owners being incentivized to the ASP of all products kept the value of innovation/new products too far in the past.
When the Biology Flower book is highlighted at NSM as the best selling piece of knowledge other than the Bible tells you all you need to know. Product owners looking in the rearview for glory and validation of past innovation is never a good model.
We need new blood, spin us out or loose TB, either works.
I actually have not had issue with AB’s hires— they are nontraditional and outside the education vertical but that’s exactly what is needed. Unfortunately NAHE is still rudderless in its leadership and has been for years (except for KC who JF ousted because he couldn’t comprehend innovation and change). NA could be profitable again and Apollo, if they purchase, could inject the cash and resources necessary to make the changes and keep investors at bay. There is potential within NAHE if they can get rid of the antiquated culture and leadership that has ki---d it over the past decade.
Every hire made by Bird has been an insult. His ideas make sense, but his execution is terrible.
Selling the firm would be too smart a move for these executives, but they are possibly too stuck-up to realise that.
We have 2 meetings in POLS this month and I was reading up on the offer. Apollo had until April 8th to make any changes. I personally believe that the company will be sold soon. These executives will take a nice severance package and s***w all of us. Plus Apollo Group (UOP) does not have a great name in academia, so Pearson will burn. This company has potential, but it sucks that we have poor leaders in the executive roles.
There was resistance to the CEO and the pay he would receive. The chairman of the board pushed it through against these tempering voices and it is my belief that is why the chairman is leaving. The CEO then installed his similarly unemployed friend to do a job that others could do at a lower cost and then he hired someone who drove employees away in great numbers from their previous two companies. Alas, all three will do great if there is a takeover. It's the corporate way.
Pearson will always remain a deceitful company as they were fined by the SEC this past August for not disclosing a data breach a few years ago. The CEO who was unemployed for 2 years before being picked up had no background in this industry and 33% of investors objected to his hiring. He will walk away even a richer man once the sale is complete.
4tez+1fHNkSdV Employees may have found out because there were rumors in the investment community previous to Apollo's announcement.
I do not believe that if Joe Schmo day trader was aware, the board of Pearson had no idea especially since they'd received an offer in November.
I wonder if Apollo will make a firm offer by April 8 or if this last offer was it.
@4wwd+1fHNkSdV Employees found out because Apollo announced it without telling the board. Then Bird sent a note to the employees.
They’re trying to put pressure on the board from investors who are fed up
The bid was for all of Pearson. The articles focus on courseware because that's what people know. Employees found out because it was going to become international news. It would have remained a secret like the offer in November.
What a takeover would mean for the company, I don't know although cost cutting is usually involved and the takeover equity firms never care about any sort of mission.
Although I'd enjoy seeing certain wrongs righted, the rich stay rich so the carpetbagging fat cats would still come out ok. Guaranteed.
Was the bid for all Pearson or just NA Courseware? Bird and JF seemed to be carving out NA regarding the performance as if to say "other than them, Pearson is profitable" which would make sense for Apollo to eat up that piece. If it was for all Pearson globally, wow!
@1jjx+1fHNkSdV same Apollo. They sold McG H for a profit to a different private equity company two years ago.
They learned nothing from the McGraw Hill experience if this is the same Apollo group -- there are two - Apollo's. The plan was to launch McGraw Hill as an IPO in 2016 which hasn't happened b/c they can't get their money back. Then the Cengage merger didn't go thru (anti-trust?) so now they are trying to acquire Pearson? This makes no sense.
Apollo turned McGraw around and now they are market leaders. Maybe they can turn Pearson around? I would at least be selling the higher education division as fast as possible and throw in TB for free!