Completion of Sale of Lazard Stakes

Pearson plc, the international media company has completed the sale of its interests in the three Lazard houses to Financiere et Industrielle Gaz et Eaux S.A., a French listed investment company, for an initial cash consideration of £410m and subsequent payments of £26m.

In accordance with our announcement made in June last year, Michel David-Weill, chairman of Lazard Freres & Co., LLC and Lazard Freres et Cie, and David Verey, chairman of Lazard Brothers & Co., Limited have formally stepped down from the Board of Pearson plc.

Dennis Stevenson, chairman of Pearson, and John Makinson, group finance director, have stepped down from the various positions they hold within the Lazard houses.

Commenting on the board changes, Dennis Stevenson, chairman said:

"We would like to thank Michel David-Weill and David Verey for their outstanding contribution to Pearson over the years. On behalf of everyone at Pearson I wish them and Lazard the very best in the future."

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Pearson plc


John Fallon & Kate Inverarity


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