K12 Inc. names new CEO, plans to launch new company
Some changes are brewing at Herndon-based K12 Inc. The technology-based education company plans to launch a new company that would focus on the expansion and integration of technology-based learning programs in educational institutions from pre-K through college. Ron Packard, founder and former CEO of K12, resigned from K12 to become CEO of the new company but will continue to serve on K12's board of directors. Nate Davis is K12's new CEO and will continue to serve as its chairman of the board.
“This new company can provide us an opportunity to explore strategic and value creating opportunities across the education services industry to drive value for our shareholders and, most importantly, benefit students and teachers,” Davis said in a statement. “Ron has left us with a great foundation on which to build K12, and with his visionary leadership and depth of experience in the education sector, I'm confident this new company can succeed.”
K12 plans to launch the new venture with an investor group led by Safanad Limited, a principal investment house based in New York and Dubai. Under the proposed terms, the investor group led by Safanad Limited would own a majority stake in the new company. K12 would own an initial minority stake in the company greater than 25 percent.
K12 provides curricula, academic services and learning solutions to public schools and districts, traditional classrooms, blended school programs and families.