Rosetta Stone names new CEO

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Language learning company Rosetta Stone has promoted Stephen M. Swad to president and CEO.

Swad joined Rosetta Stone in November 2010 as CFO. “In Steve we have found a leader who has the right mix of vision and strategy, as well as a strong background in operational execution, which will allow Rosetta Stone to pursue its growth plans,” Rosetta Stone’s outgoing chairman Laurence Franklin said in a statement. “Furthermore, we have a leader who understands the importance of balancing long-term growth and future value creation, with the need for shorter-term returns and profitability.”

The board said Swad will lead the company’s focus on English language learning in the global market, growth of institutional business and the transition of products to online platforms.

The board said the company is pursuing new partnerships, joint ventures and acquisitions to grow its market share.

Swad was previously CFO of Comverse Technology, Fannie Mae and AOL. He also held many senior financial and operational management positions with Time Warner and its subsidiaries.

The board appointed outgoing CEO Tom Adams as non-executive chairman of the board, replacing Laurence Franklin. Patrick W. Gross will become lead director on the board ,and Swad was appointed to a newly created position on the board.

The company has begun a search to find a new CFO.

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