Marjorie Scardino, the chief executive officer of the giant education company since 1997, will be succeeded by John Fallon on Jan. 1.
Due to dwindling U.S. school budgets, Promethean World sees 22 percent drop in revenue for first half of 2012.
U.S. ranked no. 10 out of 141 countries in 2012 Global Innovation Index, down from no. 7 last year.
Education publishing giant undergoes voluntary bankruptcy process, vows layoffs, disruption to customers will be avoided.