Terry SweeneyTerry Sweeney: outThe decline of once-dominant education ICT supplier RM is charted among the ups and downs of UK and global education companies in the latest edition of The Assignment Report at a time when the BBC reports "Education spending 'falling fastest since 1950s'".

“Terry Sweeney, RM’s CEO since October 2008, last month resigned “with immediate effect” after 13 years at the Oxfordshire-based company. Mr Sweeney’s resignation follows September’s announcement by RM of a major restructuring and disposal of non-core businesses at the company.

“Martyn Ratcliffe who joined RM as non-executive chairman in June this year [and last week purchased 1,250,000 2p ordinary RM shares at a price of 65 pence per share] has been appointed executive chairman and, in an about-turn, Bob Sirs who announced his exit from RM in September will now remain with the company as group managing director reporting to Mr Ratcliffe.

“RM also announced last month that it had sold the trade and assets of its loss making former Computrac business to Arizona-based Troxell Communications for an estimated cash consideration of £3 million, subject to net assets at completion. Computrac was acquired by RM in November 2008 at a net cost of around £5m. RM plans to retain the cash within the business to meet operational requirements. RM’s US education software products and services business will continue to operate through the company’s 100% held US subsidiary RM Group US LLC and, according to the company, 'will be appropriately re-sized to a level commensurate with the opportunities being pursued."
RM board changes
www.rmeducation.com
www.trox.com  

This article is edited from the November edition of The Assignment Report, the monthly UK education industry newsletter published by Ed Tranham. To sign up for a free two-issue trial, visit www.theassignmentreport.com or email This email address is being protected from spambots. You need JavaScript enabled to view it.
See also "RM Education announces 300 job cuts"


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