2U Appoints Kees Bol as CEO to Drive New Era Post-Bankruptcy

2U appoints Kees Bol as CEO post-bankruptcy, shifting focus to flexible microcredential programs while discontinuing its coding boot camps.

Following its recent exit from bankruptcy, 2U has announced Kees Bol as its new Chief Executive Officer.

Bol, who previously led Boundless Learning—a company specializing in online educational services—will officially take on the role starting January 27.

In the meantime, Matt Norden, who stepped in as interim CEO in October, will return to his roles as Chief Financial Officer and Chief Legal Officer.

Leadership Transition

In his introductory statement, Bol praised the commitment of 2U’s team and highlighted the strong alliances the company has built with educational institutions.

He underscored the critical mission of enhancing educational access, a factor he believes greatly impacts students’ career trajectories.

Bol expressed his intent to utilize 2U’s industry expertise to broaden global learning opportunities, especially at a time when such initiatives are crucial.

Challenges Ahead

Kees Bol’s leadership arrives during a transformative phase for 2U.

Founded in 2008, 2U emerged as a frontrunner in the online program management space, partnering with a range of colleges and universities to offer diverse online educational programs and boot camps.

However, the firm has encountered significant hurdles, partly due to growing doubts surrounding the profit-sharing frameworks typical of OPMs, which have contributed to its financial difficulties.

These issues were magnified by the controversial acquisition of edX, a nonprofit platform for online learning, which came with a hefty price tag of $800 million in 2021.

Future Directions

In the summer of the previous year, 2U sought bankruptcy protection, a strategic move that allowed the company to shed over $500 million in debt through a court-sanctioned restructuring plan, effectively re-emerging as a private entity.

In addition to the leadership transition, 2U has made the decision to phase out its coding boot camps, which it had acquired through the $750 million purchase of Trilogy Education Services in 2019.

The company now aims to concentrate on developing shorter, more adaptable microcredential programs that blend live instruction with on-demand learning components, as announced in December.

Source: Insidehighered