NEW YORK The chief executive of the Washington Post Co's Kaplan education and test preparation unit has resigned after 17 years, and is leaving with $46 million from a stock option plan.
Jonathan Grayer, 43, worked at Kaplan for 17 years and served as chief executive for 14 years. "It was my decision to resign," he said in a brief interview.
Andrew Rosen, who joined Kaplan in 1992, will take over as chief executive, the Washington Post Co said in a statement. He currently is the company's president.
Kaplan accounts for more than half the revenue of the Washington Post Co, which is named for its daily newspaper.
The company, led by chief executive Donald Graham, increasingly relies on Kaplan's strong business as the internationally known newspaper's advertising revenue declines and print edition sales shrink.
Grayer is entitled to payments of $10 million next November and $20 million in 2011 in return for consulting and transition services, as well as several other "arrangements," according to a filing with the U.S. Securities and Exchange Commission.
The filing also disclosed the money he is getting from his stock option plan.
(Reporting by Robert MacMillan)