April 26, 2010 (FinancialWire) – Renaissance Learning, Inc. (NASDAQ: RLRN) has approved a succession plan for Terrance Paul, chief executive officer, and Judith Paul, chairman of the board, the husband and wife team who co-founded the company and are its principal shareholders.

According to Renaissance, Terrance Paul intends to step down from his position as CEO and at that point assume the position of chairman, currently held by his wife.  At that time, Judith Paul will be appointed to the position of vice chairman of the board.  

The company said it anticipates that this transition will occur later this year, but that no definite date has been set. The move will depend on when Mr. Paul's successor is identified.

The company’s board has unanimously approved this plan of succession and plans to commence the search for a new CEO immediately, according to a Renaissance statement.

Wisconsin-based Renaissance Learning is a provider of computer-based assessment technology for pre-K–12 schools. The company has seven U.S. locations and subsidiaries in Canada and the United Kingdom.

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