Three directors to leave Rosetta Stone
- April 10, 2013
Three members of Rosetta Stone Inc.’s board of directors are stepping down from the language-learning solutions company, including Ted Leonsis and former CEO Tom Adams.
Leonsis, who was instrumental in bringing current President CEO Stephen M. Swad to the Arlington-based company, has been on the company’s board since 2009. He is leaving to focus on his other business interests, which include leading the group that owns professional sports teams (Washington Wizards, Capitals and Mystics), capital growth firm Resolution Growth, SnagFilms, which offers independent films on demands, and Groupon Inc., where he is co-CEO.
In addition, the company announced that Adams and John E. Lindahl, managing partner of Norwest Equity Partners, will not seek re-election this year.
Adams, who was CEO of the company from 2003 until 2012, is leaving to focus on his new duties on the management committee of Bridgewater Associates, an investment company that manages about $120 billion in global investments. Adams has been non-executive chairman of the board since stepping down as CEO from the company in February 2012.
Lindahl has led Norwest’s investment in Rosetta Stone and has been on the board since 1996. He will continue to oversee Norwest’s investments in Rosetta Stone and other portfolio companies.
Following the departure of the three directors, Rosetta Stone’s board will have eight directors.