Cengage Announces Appointment of Bob Munro as Chief Financial Officer

Executive with extensive experience across education, financial services and health care sectors

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Feb 14, 2019, 16:48 ET

BOSTON, Feb. 14, 2019 /PRNewswire/ -- Cengage, an education and technology company serving the higher education, K-12, library and workforce training markets worldwide, today announced the appointment of Bob Munro as Executive Vice President, Chief Financial Officer, effective April 1.

A highly regarded executive with international experience in education, financial services and health care, Munro will lead all parts of the company's finance function, including financial planning and analysis, financial reporting, accounting and control, treasury, tax, internal audit and investor relations. He will report directly to CEO Michael Hansen as part of the Executive Team.

"I am very happy to welcome Bob Munro to Cengage as we strengthen our position as the industry leader in affordable, quality learning," said Michael Hansen, CEO, Cengage. "Having worked with Bob in a previous capacity, I am confident that his expertise in leading high-performing, strategic finance teams is the right fit for our company. He is a collaborative leader with a passion for the type of transformational change that Cengage is undergoing in our transition from a print publisher to a digital company.

"The last year has been an extraordinary chapter in our company's journey," Hansen continued. "The successful launch of Cengage Unlimited, the industry's first comprehensive subscription service for course materials, underscores how the market was ripe for change. We are on the path to one million subscriptions sold in just six months of commercial availability and expect students to save $60 million this academic year."

Munro has spent the last four years as the Chief Financial Officer at Callcredit Information Group, a credit reference agency and risk information solutions business, where he led the successful finance strategy for the sale of the PE-backed business to TransUnion in June 2018. Previously, he held multiple senior finance roles at RELX (formerly Reed Elsevier PLC), including CFO of Elsevier Health Sciences, Director of Business Performance, Director of Business Control and Group Chief Accountant. Munro began his professional career with Price Waterhouse, where he qualified as a Chartered Accountant, and is a member of the Institute of Chartered Accountants in England and Wales. He holds a degree in physics and microelectronics from the University of Essex.

"I am thrilled to be joining the business at this pivotal time and becoming part of a leadership team intent on transforming the market for the benefit of students and educators," said Bob Munro. "I look forward to applying my experience and working with colleagues across the finance function to help the business build on its recent strong momentum and embrace the significant opportunities ahead."

Hansen also noted the contributions of Rebecca McNamara, who has served in an interim CFO capacity since March.

"I want to thank Rebecca for her countless contributions during the past year. Her leadership, especially as we launched Cengage Unlimited, was invaluable. She and her team ensured continuity while successfully executing on several critical fronts to ensure our new business model would be a commercial success," Hansen said.

About Cengage
Cengage is the education and technology company built for learners. As the largest US-based provider of teaching and learning materials for higher education, we offer valuable options at affordable price points. Our industry-leading initiatives include Cengage Unlimited, the first-of-its-kind all-access digital subscription service. We embrace innovation to create learning experiences that build confidence and momentum toward the future students want. Headquartered in Boston, Cengage also serves K-12, library and workforce training markets around the world. Visit us at www.cengage.com or find us on Facebook or Twitter.

SOURCE Cengage