Leadership Change At Princeton Review
Michael Perik, president and CEO of The Princeton Review Inc. in Framingham, has resigned, and the company has appointed John M. Connolly to fill the position on an interim basis.
The Princeton Review said Connolly will pursue other interests, including developing training programs for health care professionals in Middle Eastern countries.
Connolly was president and CEO of Institutional Shareholder Services before the company was acquired by RiskMetrics in 2006. More recently, he served as interim president and CEO of EDGAR Online Inc., which offers business reporting services.
The company also announced that its revenues for the fourth quarter increased 24 percent to $40.6 million, while its loss for the quarter narrowed slightly to $12.9 million.
For the full year, total revenues rose 49 percent to $124.4 million, while losses increased 263 percent to $50.4 million.
The company said both the increased revenues and greater losses were largely due to the acquisition of Penn Foster in 2009. It said $96.4 million of its full-year revenues were generated by its new Penn Foster division, while much of its losses were due to increased depreciation, amortization and interest expenses associated with the acquisition.
In a statement, Connolly said he will focus on market opportunities for Penn Foster and improve communications about the company's business strategy in an effort to improve the company's financial situation.
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