2U Welcomes New CEO Kees Bol Amid Transition and Strategic Changes

2U appoints Kees Bol as CEO post-bankruptcy, shifting focus from coding boot camps to microcredentials while aiming to enhance accessible education globally.

2U Appoints Kees Bol as New CEO

In a significant move following its recent exit from bankruptcy last fall, 2U has named Kees Bol as its new CEO.

Bol, who previously led Boundless Learning, will officially step into his new position on January 27.

Meanwhile, Matt Norden, who has been serving as the interim CEO since October, will return to his roles as chief financial officer and chief legal officer.

Kees Bol’s Vision for 2U

Kees Bol is excited about this new chapter at 2U, expressing confidence in the company’s team, its strong partnerships with higher learning institutions, and a unified mission focused on making education more accessible while improving career prospects.

He noted that this mission has never been more crucial, and he aims to utilize 2U’s standing in the industry to broaden learning opportunities for students around the world.

2U’s Transformation and Future Strategies

2U is currently undergoing a substantial transformation.

Founded in 2008, it is one of the longest-standing online program managers (OPMs) in the field.

The company has teamed up with various colleges and universities to offer online degree programs, non-degree options, and its own initiatives, including boot camps.

However, the company encountered financial struggles after its $800 million acquisition of the nonprofit online course provider edX in 2021.

This challenge was intensified by shifting attitudes towards profit-sharing models within the OPM landscape, prompting 2U to file for bankruptcy last summer.

Through a court-sanctioned restructuring, the company successfully shaved off over $500 million of its debt and emerged as a private entity.

In a decisive shift, 2U has chosen to discontinue its coding boot camps, which were part of its earlier acquisition of Trilogy Education Services for $750 million in 2019.

Instead, the company is now setting its sights on developing short-term microcredentials that combine live instruction with flexible asynchronous components, a strategy revealed in December.

This evolution marks a pivotal moment for 2U as it seeks to redefine its offerings and enhance its impact on the education landscape.

Source: Insidehighered