Techtaffy Newsdesk

Rosetta Stone has named Stephen M. Swad as president and chief executive officer, effective immediately.

Prior to joining Rosetta Stone, Mr. Swad was chief financial officer at Comverse Technology. Before joining Comverse Technology, he was chief financial officer for both Fannie Mae and AOL and held various senior financial and operational management positions with Time Warner and its subsidiaries. He was also a partner at KPMG and served as deputy chief accountant at the SEC. Mr. Swad holds a Bachelors of Business Administration from the University of Michigan.

In conjunction with the appointment of Mr. Swad as CEO, the Rosetta Stone board have appointed outgoing CEO Tom P.H. Adams as non-executive Chairman of the board, replacing outgoing chairman, Laurence Franklin.

In addition, Rosetta Stone has appointed Patrick W. Gross to the newly-established position of lead director on the Board and Mr. Swad to fill a newly-created director position on the Board.

Rosetta Stone is looking for a new chief financial officer to replace Mr. Swad immediately.