Cengage Learning Inc., the educational company owned by Apax Partners LLP, said Chief Executive Officer Ronald G. Dunn will become executive chairman, replacing David Shaffer who is retiring in September.
Cengage Learning is “in the advanced stages of a search to identify” a CEO to replace Dunn, the company said today in a filing on its website. “No other senior executive changes are anticipated.”
Dunn, 65, will take on the role of executive chairman when his successor joins the company, Cengage said. Shaffer will retire on Sept. 30, it said.
Cengage Learning, formerly Thomson Learning, was acquired by British buyout-firm Apax Partners for about $7.1 billion in 2007. The company develops teaching materials for colleges, schools, libraries and corporations, and provides print and electronic publishing. Cengage last year acquired National Geographic Society’s school-publishing unit.
“In his full-time role as executive chairman, Mr Dunn will work closely with his successor on strategic initiatives and general management matters,” the company said. “This arrangement will ensure a smooth transition to a new CEO while preserving Mr Dunn’s experience for the company.”