Rosetta Stone (RST) Announces Resignation of Board Member Ted Leonsis
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Rosetta Stone Inc. (NYSE: RST) announced that Theodore J. Leonsis will resign effective at the Rosetta Stone 2013 annual meeting of stockholders, and Tom P.H. Adams and John E. Lindahl will not seek re-election to the Rosetta Stone board of directors at the company’s 2013 annual meeting of stockholders.
A member of Rosetta Stone’s Board since December 2009, Mr. Leonsis was instrumental in helping to bring Rosetta Stone President and CEO Stephen M. Swad to the company and has been an important advisor as Rosetta Stone transitions to a more online and cloud-based model. Mr. Leonsis is leaving the Board to focus on his other businesses interests and investments, including Monumental Sports and Entertainment which owns the NBA’s Washington Wizards, NHL’s Washington Capitals, the WNBA’s Washington Mystics, and the Verizon Center; Revolution Growth, a speed up capital fund; SnagFilms, a company that offers independent movies on demand; and Groupon Inc. (NASDAQ: GRPN), where he serves as interim co-CEO.
Currently serving as the non-executive Chairman of the Board, Mr. Adams has been a member of the Rosetta Stone Board since January 2006. He served as the company’s President and CEO from February 2003 until February 2012, when he assumed the role of non-executive Chairman. During Mr. Adams’s tenure as CEO, Rosetta Stone grew from a small, technology start-up into a global brand that has changed the way the world learns languages. He was recently named to the Management Committee of Bridgewater Associates, an investment company that manages approximately $120 billion in global investments, and is not seeking re-election to the Board due to his responsibilities at Bridgewater.
A Director since February 2006, Mr. Lindahl is Managing Partner of Norwest Equity Partners, where he led Norwest’s investment in Rosetta Stone in 2006. He will continue to oversee Norwest’s investments in Rosetta Stone and its other portfolio companies.
A member of Rosetta Stone’s Board since December 2009, Mr. Leonsis was instrumental in helping to bring Rosetta Stone President and CEO Stephen M. Swad to the company and has been an important advisor as Rosetta Stone transitions to a more online and cloud-based model. Mr. Leonsis is leaving the Board to focus on his other businesses interests and investments, including Monumental Sports and Entertainment which owns the NBA’s Washington Wizards, NHL’s Washington Capitals, the WNBA’s Washington Mystics, and the Verizon Center; Revolution Growth, a speed up capital fund; SnagFilms, a company that offers independent movies on demand; and Groupon Inc. (NASDAQ: GRPN), where he serves as interim co-CEO.
Currently serving as the non-executive Chairman of the Board, Mr. Adams has been a member of the Rosetta Stone Board since January 2006. He served as the company’s President and CEO from February 2003 until February 2012, when he assumed the role of non-executive Chairman. During Mr. Adams’s tenure as CEO, Rosetta Stone grew from a small, technology start-up into a global brand that has changed the way the world learns languages. He was recently named to the Management Committee of Bridgewater Associates, an investment company that manages approximately $120 billion in global investments, and is not seeking re-election to the Board due to his responsibilities at Bridgewater.
A Director since February 2006, Mr. Lindahl is Managing Partner of Norwest Equity Partners, where he led Norwest’s investment in Rosetta Stone in 2006. He will continue to oversee Norwest’s investments in Rosetta Stone and its other portfolio companies.
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