Penn Foster, the Pennsylvania-based online education company, is taking on Bain Capital Ventures’ EIR Frank Britt as CEO now. Britt will remain on with Bain Capital Ventures as an advisory partner. Penn Foster recently sold off its Princeton Review test prep business.
Penn Foster Names Frank F. Britt as New CEO
Company to Become Independent Enterprise and Establish Presence in Boston’s Emerging Education Technology Sector
SCRANTON, Pa., April 12, 2012 — Penn Foster, Inc., a global leader in online education, today announced the appointment of its new chief executive officer, Frank F. Britt, and its plans to open a Boston office in 2012. The news coincides with Penn Foster’s parent company announcing the sale of The Princeton Review business, assets and brand name.
Britt, who most recently was an Executive-in-Residence at Bain Capital Ventures and the former CEO of Pri-Med, brings over 20 years of experience helping to build and lead tier-one solutions-based business services firms in the technology, education and consumer services industries. He has held a variety of senior executive level sales, marketing and operations positions, including at IBM Global Services, where he led a $400 million division and directed the consumer products business-consulting group in the U.S. Britt will also remain as an Advisory Partner to Bain Capital Ventures.
“Frank offers to Penn Foster unparalleled operational leadership skills, deep knowledge of the education community and proven capabilities in managing venture and private equity-backed growth-stage firms,” noted John M. Connolly, the interim CEO of Penn Foster’s parent company. “The breadth and depth of the growth initiatives that Frank already has introduced to Penn Foster are revolutionizing the business and positioning it for tremendous long-term success.”
“I’m honored to be leading Penn Foster during such a dynamic period in its history,” Britt remarked. “The sale of the Princeton Review-branded business will enable Penn Foster’s leadership and its people to sharpen their focus on and devote their energy exclusively to our students,” he said. “Collectively, we’re poised to make tremendous strides as a standalone business. Penn Foster’s educational model is becoming an attractive mainstream solution in today’s disruptive educational environment and a proven source of career advancement for vocational and middle-skilled workers. We’re eager to continue evolving the model and capitalizing on its current success.” In support of its growth initiatives, Penn Foster also announced its intention to launch a new office in Boston. Noted Britt, “Boston is emerging as the epicenter of e-learning innovation, given the city’s long history as a leader in education and technology enablement. Establishing a significant presence in this market is a logical next step in our growth plans, which include attracting world class innovative talent to compete in our highly competitive marketplace. I look forward to enhancing the quality of our students’ experience through our expanded footprint in Boston.” The new office is expected to open later in 2012.
About Penn FosterPenn Foster is a global leader in online education, providing career-focused degree and vocational programs in the fields of allied health, business, technology, education, and select trades through the Penn Foster College and Penn Foster Career School.
SOURCE Penn Foster College