News Summary

  • Online learning platform Coursera announced on Monday via press release and securities filings that it has appointed former Alphabet executive Michael Foley as interim Chief Financial Officer and Treasurer, effective immediately.
  • Previously, the company announced last month that former CFO Ken Hahn would transition to an advisory role starting October 29. During his five-year tenure as CFO, Hahn helped the company complete its initial public offering in 2021, and will continue to remain as an advisor for 12 months. Coursera stated that the search for Hahn's permanent successor is still ongoing.
  • Foley said on LinkedIn that this interim appointment comes at a "pivotal moment" for the learning platform, and as "technology and AI continue to reshape how the world learns and works," he looks forward to working with CEO Greg Hart and the leadership team to clarify strategic priorities and ensure the company has the scale, agility, and operational rigor to drive the next phase of growth and impact.

In-Depth Analysis

Foley, aged 52, currently serves as a venture advisor at New Enterprise Associates, according to his LinkedIn profile. His career includes serving as CEO of software development company Branch for two years, as head of finance for emerging hardware and services at Google, and as CFO of Unity Technologies. He began his career in audit roles at Big Four accounting firms such as PricewaterhouseCoopers and Ernst & Young.

According to filings submitted to the U.S. Securities and Exchange Commission, as part of the interim appointment, Foley will receive a monthly salary of $166,667 and is eligible for a cash bonus of up to $200,000, which "is contingent upon satisfactory performance of certain key responsibilities."

Foley takes on the interim finance role as the online learning platform continues to bet on artificial intelligence under the leadership of former Amazon executive Greg Hart. Hart was appointed CEO and President on February 3. Under Hart's leadership, Coursera has focused on expanding its consumer business segment, which saw third-quarter revenue grow 13% year-over-year, according to its shareholder letter.

To drive growth, Coursera has announced partnerships with major generative AI companies such as OpenAI and Anthropic to offer AI-related courses. According to a press release issued Tuesday, the platform now offers two courses to help developers and business professionals use Anthropic's AI chatbot Claude.

In addition to the partnership with Anthropic, the company announced in October a collaboration with OpenAI, making Coursera one of the first applications to embed ChatGPT services.

The company continues to make AI a key part of its growth plans, with Coursera stating in its third-quarter shareholder letter that it aims to expand "more personalized, engaging, AI-native learning and discovery experiences."

In the third quarter, the company reported revenue and gross profit both up 10% year-over-year, with gross profit reaching $106 million. According to earnings released on October 23, the company narrowed its net loss to $8.6 million, compared to $13.7 million in the same period last year.

Coursera did not immediately respond to requests for comment.