What happened
Higher education solutions provider 2U (TWOU) had a fine trading session on Tuesday, with its stock sailing almost 9% higher. That was more than enough to beat the 0.7% rise of the S&P 500 index on what was generally a bullish day for the market. A new executive appointment was the key reason for the enthusiasm for the company.
So what
That morning, 2U announced that it had appointed a new chief product officer. This is Aaron McCullough, who will report directly to company CEO Chip Paucek.
It isn't easy to find a top-level executive with experience in the relatively limited next-generation digital education field, likely one factor in the very positive investor response Tuesday. Prior to being named to his new post at 2U, McCullough worked a nearly two-year stint at fellow education services provider Coursera.
According to his LinkedIn page, he was originally that company's vice president of product management before moving to vice president and general manager of its consumer operations.
The incoming CPO also has experience in other consumer-facing businesses. Among other positions, he was head of global product for Uber's Transit and Membership operations and also served as an executive at a division of Walmart.
Now what
In its press release on McCullough's appointment, 2U quoted Paucek as saying that the incoming executive will help "in fulfilling 2U's mission to eliminate the back row in education and deliver world-class learning outcomes at scale."
"We're confident that his leadership will help unlock value for learners and partners through platform innovation and content velocity," Paucek added.
