Rosetta Stone Inc. RST, a leading provider of technology-based
language-learning solutions, today 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. 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.
Commenting on the departures, Mr. Swad, President and CEO of Rosetta Stone,
said, "All three of our departing Board members have made significant
contributions to the development and evolution of Rosetta Stone and we are
grateful for their services, advice and guidance over the years. Tom was
obviously instrumental in taking a small language technology start-up and
growing it into the world leader we are today, but that would not have been
possible without the investment and guidance offered by John and Norwest.
Finally, we would not be where we are today without Ted's energetic and
insightful advice on how to transform the company. I am pleased to have
worked with them and believe that their impact on the company will be long
lasting."
Rosetta Stone has added three board members since December 2011: Marguerite
W. Kondracke, James P. Bankoff, and Mr. Swad. Following the departure of
Messrs. Adams, Leonsis and Lindahl, Rosetta Stone's Board will consist of
eight directors.
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