|[January 10, 2013]
K12 Inc. Appoints Nathaniel Davis Executive Chairman
HERNDON, Va. --(Business Wire)--
K12 Inc. (NYSE: LRN), the nation's largest provider of proprietary
curriculum and online education programs for students in kindergarten
through high school, today announced the strengthening of its leadership
team with the appointment of Nathaniel Davis as Executive Chairman of
the Board of Directors, with oversight over all operational and
corporate functions of the company. Mr. Davis will continue in his
capacity as Chairman of the Board and will assume his expanded
responsibilities effective immediately.
Ron Packard, who founded K12 in 2000, will continue as Chief Executive
Officer, reporting to Mr. Davis, with a focus on continuing the
company's growth and pursuing new opportunities to fulfill its mission
of providing a high-quality education to any child, anywhere.
Timothy Murray will continue in his role as President and Chief
Operating Officer, also reporting to Mr. Davis. Separately, K12
announced the appointment of Margaret Jorgensen as Chief Academic
Officer, reporting to Mr. Packard.
Mr. Davis stated, "Thanks to the tremendous vision of Ron Packard and
the skills and dedication of its world-class employees, K12 has reached
a new stage of opportunity in the growth and development of both the
company and our industry. As we continue to lead the transformation to
technology-based individualized learning, we need to expand our
management team while assuring operational, financial and academic
excellence. These changes in the K12 executive team will help us achieve
those goals, in particular as Ron builds on his role as innovator,
entrepreneur and evangelist for our company and the industry."
Mr. Packard added, "The strengthening of K12's leadership team is an
important part of our evolution to ensure that our future growth matches
our past achievements. Academic excellence is critical to K12's success
and we look forward to continuously improving the value we provide to
schools and students."
Yesterday, the company confirmed its previously issued forecast for the
second quarter of fiscal year 2013.
Far-Reaching Experience in Leading Transformational Media and
Mr. Davis, who joined the K12 Board of Directors in 2009 and was named
Chairman of the Board in June 2012, is a seasoned leader of
transformational telecommunications, media and software development
companes, with a record of leadership in improving operations,
launching innovative new products and strengthening relationships with
legislative and regulatory authorities. Mr. Davis joins the company from
the position of Managing Director of RANND Advisory Group, a consulting
group advising venture capital and telecommunications firms. Mr. Davis
previously served as Chief Executive Officer and President of XM
Satellite Radio, where he improved operations and financial performance.
He also led the company through its merger with Sirius Satellite Radio.
As President and Chief Operating Officer of XO Communications (News - Alert), Inc., Mr.
Davis led the company through critical acquisitions and the launch of
new data services. He also served as Executive Vice President of Network
and Technical Services for Nextel Communications Inc., Chief Financial
Officer of MCI Communications and Senior Vice President, Network
Operations and Chief Operating Officer, MCIMetro. Mr. Davis has an MBA
from the Wharton School of Business.
Special Note on Forward-Looking Statements
This press release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. We
have tried, whenever possible, to identify these forward-looking
statements using words such as "anticipates," "believes," "estimates,"
"continues," "likely," "may," "opportunity," "potential," "projects,"
"will," "expects," "plans," "intends" and similar expressions to
identify forward looking statements, whether in the negative or the
affirmative. These statements reflect our current beliefs and are based
upon information currently available to us. Accordingly, such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which could cause our actual results,
performance or achievements to differ materially from those expressed
in, or implied by, such statements. These risks, uncertainties, factors
and contingencies include, but are not limited to: our potential
inability to further develop, maintain and enhance our products and
brands; the reduction of per pupil funding amounts at the schools we
serve; reputation harm resulting from poor performance or misconduct by
operators in any school in our industry and in any school in which we
operate; challenges from virtual public school or hybrid school
opponents; failure of the schools we serve to comply with regulations
resulting in a loss of funding or an obligation to repay funds
previously received; discrepancies in interpretation of legislation by
regulatory agencies that may lead to payment or funding disputes;
termination of our contracts with schools due to a loss of authorizing
charter; failure to enter into new contracts or renew existing contracts
with schools; risks associated with entering into and executing mergers,
acquisitions and joint ventures; failure to successfully integrate
mergers, acquisitions and joint ventures; inability to recruit, train
and retain quality teachers and employees; uncertainty regarding our
ability to protect our proprietary technologies; risks of new, changing
and competitive technologies; increased competition in our industry; and
other risks and uncertainties associated with our business described in
the Company's filings with the Securities and Exchange Commission.
Although the Company believes the expectations reflected in such
forward-looking statements are based upon reasonable assumptions, it can
give no assurance that the expectations will be attained or that any
deviation will not be material. All information in this release is as of
January 10, 2013, and the Company undertakes no obligation to update any
forward-looking statement to conform the statement to actual results or
changes in the Company's expectations.
K12 Inc.�(NYSE: LRN), a technology-based education company, is the
nation's largest provider of proprietary curriculum and online education
programs for students in kindergarten through high school. Using 21st
century tools to prepare 21st century students, K12 provides a new
choice for students to learn in a flexible and innovative way, at an
individualized pace. K12 provides curricula and academic services to
public and private online schools and districts, traditional classrooms,
blended school programs, and directly to families. K12 is accredited
through AdvancED, the world's largest education community. Additional
information on K12 can be found at�www.K12.com.
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