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2U, the online program manager that emerged from bankruptcy last fall, has appointed a new CEO. Kees Bol, former CEO of online learning services provider Boundless Learning, will take the helm of 2U on Jan. 27, according to a news release published Thursday morning. Matt Norden, who has served as interim CEO since October, will return to his role as chief financial officer and chief legal officer.
“I'm inspired by the 2U team, the depth of its institutional partnerships, and, above all, our shared commitment to delivering broad access to education that drives real career outcomes,” Bol said in the news release. “At a time when this mission has never been more critical, we'll build on 2U’s market leadership to create ever more pathways to opportunity for learners around the world.”
Bol is taking over 2U at a time of flux for the company.
Founded in 2008, it’s one of the oldest OPMS in the market and has partnered with hundreds of colleges and universities to offer its own online programming and boot camps, as well as support for universities to deliver online degree and nondegree programs.
But a number of factors, including chilling views toward OPMs’ profit-sharing models, plunged the company into debt in the years after it acquired the nonprofit online course provider edX for $800 million in 2021.
2U filed for bankruptcy last summer and shed more than $500 million in debt. It went through a court-approved plan to reorganize itself as a private company.
In addition to appointing new leadership, 2U also shut down its coding boot-camp programs, which it acquired after purchasing Trilogy Education Services for $750 million in 2019. Instead, 2U will develop shorter-term microcredentials that combine live teaching with asynchronous components, the company announced in December.
(This article has been updated to correct multiple errors.)