Lincoln Educational Services Corporation Announces Barry Morrow’s Retirement as Chair of the Board and Names John Bartholdson as Chair following the 2024 Annual Meeting of Shareholders
March 15 2024 - 9:00AM
Lincoln Educational Services Corporation (Nasdaq: LINC) today
announced that J. Barry Morrow has notified the Company’s Board of
Directors of his decision not to stand for re-election at the
Company’s 2024 Annual Meeting of Shareholders. Mr. Morrow joined
the Board in 2006 and currently serves as non-executive Chair of
the Board.
The Company also announced that the Board of
Directors had selected current Board member John A. Bartholdson to
succeed Mr. Morrow as the next Chair of the Board following the
2024 Annual Meeting of Shareholders to be held in May. Mr.
Bartholdson has been a member of the Board of Directors since
2019.
“The Board of Directors is extremely grateful to
Barry for his leadership and dedication to this Company for all of
these years and thanks him for his guidance, knowledge and insights
which have been significant and meaningful,” said Scott M. Shaw,
President, Chief Executive Officer and a member of the Board of
Directors. “We wish Barry well in his retirement and future
endeavors and now look forward to supporting John Bartholdson as he
transitions into the Chair position.”
Mr. Morrow said, “I am honored to have served on
Lincoln’s Board of Directors for these nearly 18 years and as Chair
since 2015. I am thankful to have had the opportunity to serve with
so many other dedicated individuals over these years and share
their optimism for Lincoln going forward. John Bartholdson, who is
succeeding me as Chair, together with the Board and management
team, are well positioned to meet the challenges ahead and
capitalize on opportunities for growth and a bright future for
Lincoln.”
John Bartholdson joined in saying, “It has been
an honor to serve with Barry and to be named as his successor and I
thank the Board for its confidence in me. I am looking forward to
taking on the role of Chair at this exciting time for Lincoln as
the Company continues to execute on its growth strategy.”
ABOUT LINCOLN EDUCATIONAL SERVICES
CORPORATION
Lincoln Educational Services Corporation is a
leading provider of diversified career-oriented post-secondary
education. Lincoln offers recent high school graduates and working
adults career-oriented programs in five principal areas of study:
automotive technology, health sciences, skilled trades, business
and information technology, and hospitality services. Lincoln has
provided the workforce with skilled technicians since its inception
in 1946. Lincoln currently operates 22 campuses in 13 states under
4 brands: Lincoln College of Technology, Lincoln Technical
Institute, Lincoln Culinary Institute and Euphoria Institute of
Beauty Arts and Sciences. For more information, please go to
www.lincolntech.edu.
Forward-Looking Statements
Statements in this press release and in oral
statements made from time to time by representatives of Lincoln
Educational Services Corporation regarding Lincoln’s business that
are not historical facts, including those made in a conference
call, may be “forward-looking statements” as that term is defined
in the federal securities law. The words “may,” “will,” “expect,”
“believe,” “anticipate,” “project,” “plan,” “intend,” “estimate,”
and “continue,” and their opposites and similar expressions are
intended to identify forward-looking statements. Forward-looking
statements are based on information available at the time those
statements are made and/or management’s good faith belief as of
that time with respect to future events, and are subject to risks
and uncertainties that could cause actual performance or results to
differ materially from those expressed in or suggested by the
forward-looking statements. Forward-looking statements should not
be read as a guarantee of future performance or results and will
not necessarily be accurate indications of the times at, or by,
which such performance or results will be achieved, if at all.
Generally, these statements relate to business plans or strategies
and projections involving anticipated revenues, earnings, or other
aspects of the Company’s operating results. Such forward-looking
statements include the Company’s current belief that it is taking
appropriate steps regarding the pandemic and that student growth
will continue. The Company cautions you that these statements
concern current expectations about the Company’s future performance
or events and are subject to a number of uncertainties, risks, and
other influences, many of which are beyond the Company’s control,
that may influence the accuracy of the statements and the projects
upon which the statements are based including, without limitation,
impacts related to the COVID-19 pandemic or other epidemics or
pandemics; our failure to comply with the extensive regulatory
framework applicable to our industry or our failure to obtain
timely regulatory approvals in connection with acquisitions or a
change of control of our Company; our success in updating and
expanding the content of existing programs and developing new
programs for our students in a cost-effective manner or on a timely
basis; risks associated with changes in applicable federal laws and
regulations; uncertainties regarding our ability to comply with
federal laws and regulations, such as the 90/10 rule and prescribed
cohort default rates; risks associated with the opening of new
campuses; risks associated with integration of acquired schools;
industry competition; our ability to execute our growth strategies;
conditions and trends in our industry; general economic conditions;
and other factors discussed in the “Risk Factors” section of our
Annual Reports and Quarterly Reports filed with the Securities and
Exchange Commission. All forward-looking statements are qualified
in their entirety by this cautionary statement, and Lincoln
undertakes no obligation to publicly revise or update any
forward-looking statements, whether as a result of new information,
future events or otherwise after the date hereof.
Contact:
Lincoln Educational Services
Corporation
Brian Meyers, CFO 973-736-9340
bmeyers@lincolntech.edu
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