BAD NEWS FRIDAY: As part of a plan to cut costs by £300 million (approximately US $394 million), Pearson is planning to lay off 3,000 more employees “with a particular focus on managerial position,” according to the company’s 2017 half-year results statement. According to Fortune, Pearson CEO John Fallon had already slashed 7,000 jobs through two previous rounds of layoffs since taking the helm in 2013.
Writing in LinkedIn, Fallon outlined his vision to turn Pearson into “a simpler a more digital company.” The first bullet point: “Divesting of businesses that don’t help to drive our strategy, and being more selective in the business models we pursue.” To that goal, the company has already made headway, selling its stakes in print publications, learning management systems and overseas online tutoring assets. Next on the chopping block may be its K-12 publishing business.
