July 12, 2012 / 9:26 PM / 5 years ago

UPDATE 1-Scientific Learning names new CEO, cuts jobs

* Replaces CEO and CFO

* Cuts 18 pct of workforce

* Sees fall in Q2 rev to $6.5 mln to $7.2 mln

* Sees $900,000 restructuring charges in Q3

July 12 (Reuters) - Educational software maker Scientific Learning Corp named a new management team and said it was accelerating restructuring efforts to bring costs in line with its revenue outlook.

The company said it has reduced its workforce by 18 percent since the beginning of the year. It expects to incur a charge of $900,000 in the third quarter.

Scientific learning also estimates second-quarter revenue to fall to $6.5 million-$7.2 million from $12.4 million a year ago.

The company said Chairman Bob Bowen will replace Chief Executive Andrew Myers and Jane Freeman will take over from Chief Financial Officer Robert Feller.

Bowen served as the company’s CEO from 2002 to 2008 while Freeman was CFO from 2000 to 2008.

Shares of the company closed at $1.60 o the Nasdaq.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below