PEARSON, publisher of the Financial Times, last night insisted that a change of chairman would not trigger a break-up of the education and publishing group.

The publisher formally confirmed the departure of Lord Stevenson of Coddenham after 19 years on the board. The break-up of Pearson’s management team of Lord Stevenson and Dame Marjorie Scardino, the chief executive, sparked speculation that the company may sell Penguin, the book publisher.

However, a spokesman for Pearson said: “We are very committed to the businesses we are in. We are happy with the shape of the company.”

Lord Burns, senior independent director of Pearson, will lead an internal committee charged with finding a successor to Lord Stevenson. Headhunters are also thought to have been appointed.

Sources close to the process said that Lord Stevenson’s successor was likely to be an external candidate with experience of international business.

Speculation on the likely successor was focused on Lord Hollick, who will step down as chief executive of United Business Media in May, and Sir Crispin Davis, chief executive of Reed Elsevier, the media group.

Pearson said that no date had been set for Lord Stevenson’s departure, adding that he was prepared to stay for as long as necessary.

Lord Stevenson, who is 59, said that he was stepping down to concentrate on a number of projects outside corporate life, which are thought to include learning Mandarin and perfecting his French.

He will remain for a further three years from June as chairman of HBOS, Britain’s fourth-largest banking group. Lord Stevenson is also a non-executive director of Manpower, the recruitment company, and chairman of the House of Lords Appointments Commission, which makes recommendations on appointments to the Upper House. He was also head of a commission examining the role of IT in schools.

Lord Stevenson is not expected to look for another high-profile chairmanship.

During Lord Stevenson’s eight years as the chairman of Pearson, the company has sold Madame Tussaud’s and Lazard, the investment bank, to leave it largely focused on education.

The education division is headed by Dame Marjorie, who is expected to remain with the business for the foreseeable future. However, sources denied speculation she has committed herself to the business for a further three years.

Pearson reports its full-year results for 2004 today.

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