The 3P Learning Ltd (ASX:3PL) share price nosedived 16% this morning following the resignation of CEO, Tim Power.

The online education provider said Mr Power will step down immediately to “pursue new opportunities”. In his absence, Chief Financial Officer and Company Secretary, Jonathan Kenny, has been appointed interim CEO, while an international search takes place for a full-time replacement.

“Jonathan has played an integral, hands-on role in the development of the company’s strategy and will ensure continuity and focus on delivery while an international search for a new CEO is conducted,” Chairman Sam Weiss said. “The Board respects Tim’s decision to pursue interests outside the company and we would like to acknowledge his contribution to the field of online education.”

Mr Power holds around $5.16 million of 3P Learning shares and is the only director of the 3P Learning board to have such a significant stake in the business. “I’d like to thank the talented 3PL team for their creativity and tenacity, and wish them every success,” Mr Power said.

Mr Power will be entitled to a payment in lieu of the six-moth notice period and a payment equivalent to six months’ salary as a condition of the non-compete obligations in his original contract, the company said.

“3PL is a great company with a unique opportunity to grow in the global online education market and I am very pleased to be in a position to lead the business while a CEO search is concluded” Mr Kenny said.

3P Learning is a $226 million online learning provider with ownership of services such as Mathletics, Spellodrome, Reading Eggs and IntoScience.

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