SCHAUMBURG, Ill.--(BUSINESS WIRE)--
Career Education Corporation (NASDAQ: CECO) announced today that David
W. Devonshire has submitted his resignation from its Board of Directors,
citing health concerns. Mr. Devonshire, 69, has served on the company’s
board since March 2008 and served as Chairman of the Board from May 2013
until June 2014 and is currently a member of the board’s Audit and
Compensation Committees.
“On behalf of everyone at Career Education, I wish to express our most
sincere gratitude to Dave for his years of service and wish him the best
as he focuses on his health,” said Ron McCray, Chairman and Interim CEO.
“His expertise and counsel have helped guide us as we reshape our
education institutions in response to shifting education market
conditions and regulatory challenges.”
Mr. Devonshire served as Executive Vice President and Chief Financial
Officer of Motorola, Inc., from March 2002 through his retirement in
March 2007. From December 1998 until joining Motorola, Mr. Devonshire
was Executive Vice President and Chief Financial Officer of
Ingersoll-Rand Company, a global diversified industrial firm. From July
1993 until joining Ingersoll-Rand, he served as Senior Vice President
and Chief Financial Officer of Owens Corning, a global producer of
residential and commercial building materials.
Mr. Devonshire’s resignation is effective immediately prior to the
company’s 2015 Annual Meeting of Stockholders on May 19, 2015. Proxy
votes already returned by stockholders will remain valid and will be
voted at the company’s 2015 Annual Meeting unless revoked, except that
votes will not be cast for Mr. Devonshire because he has resigned from
the Board and is no longer standing for re-election. Effective upon his
resignation, the size of the board has been reduced by one, to eight
directors. Each of the eight nominees is named in the company’s 2015
Proxy Statement.
ABOUT CAREER EDUCATION CORPORATION
Career Education’s academic institutions offer a high-quality education
to a diverse student population in a variety of disciplines through
online, on-ground and hybrid learning programs. Our two universities –
American InterContinental University (“AIU”) and Colorado Technical
University (“CTU”) – provide degree programs through the master’s or
doctoral level as well as associate and bachelor’s levels. Both
universities predominantly serve students online with career-focused
degree programs that meet the educational demands of today’s busy
adults. AIU and CTU continue to show innovation in higher education,
advancing new personalized learning technologies like their intellipath™
adaptive learning platform that allow students to more efficiently move
toward earning a degree by receiving course credit for knowledge they
can already demonstrate. Career Education is committed to providing
high-quality education that closes the gap between learners who seek to
advance their careers and employers needing a qualified workforce.
A listing of individual campus locations and web links to Career
Education’s institutions can be found at www.careered.com.
Investors:
Alpha IR Group
Sam Gibbons or Chris Hodges,
312-445-2870
[email protected]
or
Media:
Career
Education Corporation
Mark Spencer, 847-585-3802
Director,
Corporate Communications
Source: Career Education Corporation