Stride has parted ways with James Rhyu, who had been at the helm of the online-education company since early 2021.

Stride on Thursday said Rhyu is no longer serving as chairman, chief executive or a director, and that board member Robert Knowling has stepped in as CEO of the Reston, Va., company.

Stride said the departure of Rhyu, who joined the company in June 2013, wasn't due to any disagreement related to its operations, policies or practices, adding that it expects to sign a separation agreement that provides for severance payments and benefits.

Knowling, 71 years old, previously served as CEO of the NYC Leadership Academy, which develops principals in the New York City public-school system.

Stride said Knowling will receive an annual base salary of $1 million and an annual cash performance bonus with a target of 200% of his base pay.

The company said Steven Fink, a board member since 2003 who had been serving as lead independent director, will now serve as board chair.

Shares were down 8% to $89.91 in premarket trading.