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|Rosetta Stone Inc. Elevates Stephen M. Swad to President and Chief Executive Officer|
”Steve has become a key operating executive at the company and
established a close working relationship with the Board and
Rosetta Stone team, with positive involvement in major initiatives and
strategic decision-making since he joined Rosetta Stone in November
In selecting Mr. Swad as CEO, Mr. Franklin commented that, “In Steve we have found a leader who has the right mix of vision and strategy, as well as a strong background in operational execution, which will allow Rosetta Stone to pursue its growth plans. Furthermore, we have a leader who understands the importance of balancing long-term growth and future value creation, with the need for shorter-term returns and profitability. After an extensive search process, we are very confident that Steve has the strategic vision and executional excellence to lead Rosetta Stone.”
Mr. Swad said, “I couldn’t be more excited to embrace and lead the opportunity that we have here at Rosetta Stone. The company is a leader in its space, has tremendous brand awareness, world-class technology, and an employee base that is dedicated and passionate about teaching languages to the world. Given my existing tenure with Rosetta Stone, I am intimately familiar with both the opportunities and challenges that the company faces. I believe that we will successfully tackle these challenges and seize opportunities by delivering products and services that customers want, tapping into our great brand, and building a company that employees will be excited to be a part of, all while delivering long-term value to our shareholders and partners.”
Continuing, Mr. Swad said, “As the market for language learning and technology-based education expands, particularly internationally, I feel strongly that Rosetta Stone has the assets not only to grow with the market, but to be the leader in the space. I believe that we can leverage our strong brand equity, technology, and infrastructure to increase our market presence and share, expand internationally, and drive top line revenues, while striking a balance of growth with bottom-line profitability.”
In addressing the announcement,
The Board noted that Mr. Swad’s existing knowledge of, and experience with, Rosetta Stone will enable the company to continue to innovate, focus on English in the global market, grow institutional business, and transition its products to online platforms and offerings without sacrificing timing and momentum. This continuity will be important as the company looks to become more open to pursuing partnerships, joint ventures, and select acquisitions to grow and enhance its product portfolio and market presence.
Prior to joining Rosetta Stone, Mr. Swad was chief financial officer at
In conjunction with today’s appointment of Mr. Swad as CEO, the Board
The Board also announced that the company will begin the search process to find a new chief financial officer to replace Mr. Swad immediately.
"Rosetta Stone" is a registered trademark of
|"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Rosetta Stone PR's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.|