Monday, March 25, 2013

Cambium Learning (Voyager) Makes Executive Changes

The fun never stops in education publishing these days. The Dallas based education content and technology company Cambium Learning Group announced senior level executive changes last week with their CEO and CFO leaving the company. Cambium comprises three businesses: Voyager, a comprehensive intervention business; Sopris, a supplemental solutions business; and Cambium Learning Technologies, which includes ExploreLearning, IntelliTools, Kurzweil and Learning A-Z. Cambium will have been negatively impacted by the general slow down (some say collapse) of the US K-12 market over the past three years.

Last week the company announced the resignations of CEO Ron Klausner and CFO Brad Almond. In both cases internal candidates were designated as replacements and both resigned their board positions as did board member Vernon Johnson. John Campbell who had been SVP and President of the Cambium Learning Technologies unit was named CEO.  Barbara Benson, currently the Controller and Principal Accounting Officer of the Company was named CFO. Johnson's position on the board was taken by Joe Walsh who was also named Chairman of the Board. Walsh has clearly been brought in as an executive chairman and in a change management role. There is more on the changes in the following 8K: SEC.GOV (8K Statement)

Over the past several years revenues have been up and down at Cambium but 2012 was clearly a painful year for the company as this summary indicates:

Cambium Learning Group, Inc 10K

Voyager was purchased by Veronis in 2009

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