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|Rosetta Stone Inc. Appoints Director John Hass as Interim President and Chief Executive Officer|
(Thomson Reuters ONE via COMTEX) --Rosetta Stone Inc. Appoints Director John Hass as Interim President and Chief Executive Officer
Stephen Swad Resigns as President, Chief Executive Officer and Director
ARLINGTON, VA - March 26, 2015 - Rosetta Stone Inc. (NYSE:RST), a world leader in technology-based learning solutions, today announced that A. John Hass has been appointed interim President and Chief Executive Officer. Mr. Hass, who is also a director of the Company, succeeds Stephen Swad, who has resigned as president, chief executive officer and director effective April 1, 2015. The Company's Board of Directors will conduct a search for a permanent CEO. Mr. Swad will remain as an advisor to the Company for a period of time to assist with the transition to Mr. Hass.
"On behalf of the Board," said chairman Pat Gross, "I would like to thank Steve for his leadership as CEO in transforming Rosetta Stone from a CD-based language company focused on the mass market to a company whose best in class Literacy and Language products are now delivered digitally through the cloud to mobile, tablet and laptop devices. His leadership was critical in developing our strategy to focus on more serious learners in our E&E and Consumer markets."
"Rosetta Stone is an extraordinary Company and I'm proud of all we've accomplished. It has been a pleasure and a privilege to work with such talented and dedicated colleagues over the last five years," said Mr. Swad. "The Company has great forward momentum with its enhanced business strategy and I look forward to working with John to ensure a seamless transition."
"I am excited to work with the entire Rosetta Stone team to drive our strategy forward with the urgency and passion we need to succeed," said Mr. Hass. "We are committed to addressing the needs of educators and corporations where we see the opportunity to produce attractive long-term growth and recurring revenues and the more serious learner in our Consumer business. Continuing to drive nonproductive costs out of our business also remains a priority. By following this approach we will be able to make the necessary investments to better serve our customers, provide employees an exciting place to work and produce attractive returns for our shareholders."
Mr. Hass continued, "To assist with this strategy, I intend to retain Al Angrisani, a noted expert in helping businesses accelerate growth and intelligently reduce costs, to work with me and our senior leadership team." The Company also plans to continue to place an emphasis on bolstering the investor perspective on its Board.
Mr. Hass is a former investment banker and CEO. A managing partner at Goldman Sachs prior to his retirement from the firm in 2006, he had an 18-year career as an advisor holding numerous senior roles primarily in New York and Chicago. He then served for three years as the co-CEO and then CEO of OptionsHouse, an online brokerage firm, from launch through its initial growth phase. More recently he has served on a number of public and private company boards, including Rosetta Stone, and as an advisor to Osmium Partners until November 2014.
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About Rosetta Stone
Rosetta Stone Inc. (NYSE: RST) is dedicated to changing the way the world learns. The Company's innovative technology-driven language, reading and brain-fitness solutions are used by thousands of schools, businesses, government organizations and millions of individuals around the world. Founded in 1992, Rosetta Stone pioneered the use of interactive software to accelerate language learning. Today the Company offers courses in 30 languages, from the most commonly spoken (such as English, Spanish and Mandarin) to the less prominent (including Swahili, Swedish and Tagalog). Rosetta Stone has expanded beyond language and deeper into education-technology with its acquisitions of Livemocha, Lexia Learning, Vivity Labs, and Tell Me More. Rosetta Stone is based in Arlington, VA, and has offices around the world. For more information, visit www.rosettastone.com.
"Rosetta Stone" is a registered trademark or trademark of Rosetta Stone Ltd. in the United States and other countries.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Rosetta Stone via Globenewswire
|"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.|