SCHAUMBURG, Ill.--(BUSINESS WIRE)--
Career Education Corporation (NASDAQ: CECO), a provider of postsecondary
education programs and services, today announced that Richard Wang has
been appointed to the Company’s Board of Directors. Mr. Wang’s
appointment follows a March 4, 2015 vote by the Board of Directors to
expand the number of eligible board seats from eight to nine.
Mr. Wang, 40, is a co-founder and Managing Partner of Tenzing Global
Management (“Tenzing Global”), which beneficially owns approximately
three percent of Career Education Corporation’s outstanding common
stock. The firm is a value-oriented, cautiously contrarian, long-term
investment firm based in San Francisco. Tenzing Global focuses on
companies in the technology, media, telecommunications, consumer and
retail sectors. Prior to Tenzing Global, Wang was a Managing Director at
Och-Ziff Capital Management. Wang received a B.A. from the University of
Chicago and an M.B.A. from Stanford Graduate School of Business.
“We are pleased to bring new and fresh perspectives from the investment
community to our boardroom with the addition of Mr. Wang,” said Thomas
Lally, Lead Independent Director of the Board of Directors. “Mr. Wang’s
varied expertise will complement and enhance our discussions around ways
to continue moving Career Education along a path toward sustained
financial strength and excellent outcomes for students.”
“Career Education provides innovative, career-oriented education to
students looking to better themselves professionally,” Wang said. “Its
institutions and its adaptive learning technology development show
tremendous potential for growth and success. The company has made steady
progress and I look forward to actively working together with the board
and management team to improve student outcomes and create shareholder
value.”
Wang was appointed to the Board in connection with an agreement with
Tenzing Global and certain of its affiliates. The agreement contains
restrictions on the voting of Tenzing Global’s stock and customary
standstill provisions which, subject to certain exceptions, terminate in
connection with the Company’s 2016 Annual Meeting. The full agreement
has been filed in a Form 8-K with the Securities and Exchange Commission.
About Career Education Corporation
The colleges, institutions and universities that are part of the Career
Education Corporation (“CEC”) family offer high-quality education to a
diverse student population in a variety of career-oriented disciplines
through online, on-ground and hybrid learning program offerings. In
addition to its online offerings, Career Education serves students from
campuses throughout the United States offering programs that lead to
doctoral, master’s, bachelor’s and associate degrees, as well as to
diplomas and certificates.
CEC’s institutions include both universities that provide degree
programs through the master or doctoral level and colleges that provide
programs through the associate or bachelor level. The University group
includes American InterContinental University (“AIU”) and Colorado
Technical University (“CTU”) – predominantly serving students online
with career-focused degree programs that meet the educational demands of
today’s busy adults. The Career Schools group offers career-centered
education primarily through ground-based campuses and includes
Briarcliffe College, Brooks Institute, Harrington College of Design,
Missouri College and Sanford-Brown Institutes and Colleges (“SBI” and
“SBC,” respectively). Through its colleges, institutions and
universities, CEC is committed to providing high-quality education,
enabling students to graduate and pursue rewarding career opportunities.
A detailed listing of individual campus locations and web links to
Career Education’s colleges, institutions and universities can be found
at www.careered.com.
Investors:
Alpha IR Group
Chris Hodges or Sam Gibbons
(312)
445-2870
[email protected]
or
Media:
Career
Education Corporation
Mark Spencer
Director, Corporate
Communications
(847) 585-3802
Source: Career Education Corporation