Pearson revamp could be launched next month
Tuesday 10 December 1996
According to sources at Pearson, a round of meetings will be held from 8 January, the date on which Marjorie Scardino, the company's new chief executive, formally takes over from the retiring Frank Barlow.
On the agenda will be the future status of the company's television subsidiary, which groups Thames Television and Grundy Worldwide, as well as plans to sell theme parks operated under the Madame Tussauds name.
Also under consideration is a possible sale to management of the 50 per cent Pearson holds in Lazard, the investment bank. Pearson would be left with its publishing and information operations, which are viewed as core assets.
A limited number of the secret strategy documents, which are numbered and circulated only to senior managers, have already been sent to Ms Scardino, who is winding up her job as chief executive of the Economist Group, 50 per cent owned by Pearson. They will be discussed in committee, and final decisions will be taken in the course of 1997.
Pearson has been under pressure in recent months to restructure its sprawling operations, which range from the Financial Times to Penguin Books to Mindscape, a money-losing US manufacturer of CD-Roms and game cartridges.
Analysts have suggested that Pearson would remain a takeover target unless it moved to streamline its businesses. They have calculated that Pearson could be worth between pounds 9 and pounds 10 a share if broken up, compared with its closing price yesterday of 706.5p. Pressure from the City led to the early retirement of Mr Barlow and Lord Blakenham, the chairman. Dennis Stevenson, a long-time Pearson board member, is to replace Lord Blakenham in the spring.
Senior management stressed, however, that no decisions had yet been taken on which assets, if any, would be sold. When Ms Scardino's appointment was announced in October, she said that "we have no strategic prejudices and will start with a clean slate".
- 1 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 2 Dog thinks owner is drowning in lake, dives in and tries to pull him out
- 3 Thank heavens for Louise Mensch and her foul-mouthed tweets to world leaders
- 5 Phil Neville backtracks on Tomas Rosicky 'I'd smash him' comments from Match of the Day 2
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Greece elections: Greek PM Alexis Tsipras takes aim at 'neo-liberal' Europe as country gears up for prolonged austerity battle
Auschwitz liberation 70th anniversary: Woman sent to three Nazi death camps describes surviving gas chamber
Prince Philip set to be knighted by Australia: Celebrate by reading his greatest gaffes
New York snow: Winter Storm Juno downgraded as 'one of the largest snowstorms in history' fails to show
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
iJobs Money & Business
£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...