RM boss Sweeney quits after operational review

RM CEO Terry Sweeney has handed in his resignation in the wake of an operational review completed at the end of September. In an early morning statement to the City, RM said Sweeney had decided the time was right "to pursue his career outside RM" and said the split came "by mutual agr

RM CEO Terry Sweeney has handed in his resignation in the wake of an operational review completed at the end of September.

In an early morning statement to the City, RM said Sweeney had decided the time was right "to pursue his career outside RM" and said the split came "by mutual agreement".

Rob Sirs, who had previously decided to leave the firm after 21 years of service, has been reappointed to the board as group managing director, with responsibility for RM's operating businesses.

Meanwhile the firm has also appointed non-executive chairman Martyn Ratcliffe, who signed on in June to oversee RM's operational and strategic review, as executive chairman.

The education specialist is in the process of cutting its headcount by a fifth as it smarts from the impact of public sector spending cuts. According to Reuters RM shares have lost over 40% of their value since it announced the latest round of redundancies last month.

It yesterday confirmed that it was also selling its US-based classroom products business Computrac to local player Troxell Communications Inc for an estimated cash consideration of £3m.

RM will continue to trade in the States through its 100% held subsidiary RM Group US LLC, which specialises in education software and services.

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