Pearson Publishing, owners of the Financial Times and the Penguin books, has announced the appointment of Glen Moreno as its new chairman, with the new boss due to take up his post on 1st October.
Moreno will succeed Pearson’s current chairman, Dennis Stevenson, who is retiring.
The new chairman is currently the senior independent director of Man Group PLC and was previously chief executive of Fidelity International, holding the position from 1987 to 1991.
Earlier this week Pearson announced upbeat predictions for its performance throughout 2005, stating that pre-tax loss for the first half of the year was lower than expected, leading to confidence in the company achieving “strong growth” in 2005 as a whole (see Pearson Makes Upbeat Predictions For 2005).
The company’s flagship newspaper, the Financial Times, saw advertising revenues increase by 5% year on year, continuing the improvement enjoyed in April (see Financial Times Looking To Break Even).
All of Pearson’s businesses are revealed to be trading in line with expectations and although most of its profits are generated in the second half of the year, Pearson said it continued to forecast ‘strong’ growth in 2005 and beyond (see Financial Times Expected To Break Even By Year End).
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