John Leahy, CFO at the textbook and education firm Cengage, will step down at the end of the year, the Bookseller reported. The company said the planned departure will come "after helping to ensure a smooth transition of his responsibilities to his successor," with the recruitment process set to commence shortly. Cengage, which was originally Thomson Learning and is owned by private equity funds, emerged from Chapter 11 bankruptcy in 2014.
Cengage noted that the CFO transition "is aligned with the company's strategic focus on executing a digital business transformation. Mr. Leahy has served as the company's chief financial officer since December 2014, during which time Mr. Leahy transformed the company's finance organization, created significant savings for the company, and spearheaded the re-financing of the company's debt on favorable terms."