Career Education Announces Chief Financial Officer Transition
March 23 2015 - 5:15PM
Business Wire
David Rawden from AlixPartners named as
Interim CFO
The Board of Directors of Career Education Corporation, (NASDAQ:
CECO), today announced that Chief Financial Officer Reid Simpson
will be leaving the Company on March 31, 2015 to become Chief
Financial Officer at ShopperTrak, a Chicago headquartered leading
global retail analytics provider. David Rawden of AlixPartners, a
business advisory firm which specializes in turnarounds and
restructurings, will serve as Interim CFO effective April 1, 2015.
Mr. Rawden’s experience includes interim CFO positions at Allied
Holdings, Inc., Exopack Holdings SA, and X-Rite, Incorporated. It
also includes prior education experience when he served as the
Executive Vice President of Finance at Savannah College of Art and
Design.
The Company also announced that Michele Peppers, Vice President
Accounting & Reporting, who has served for nearly 11 years in
the Company’s finance department in various roles of increasing
responsibility, has been designated as the Company’s principal
accounting officer effective April 1, 2015. Mr. Rawden and Ms.
Peppers will oversee the Company’s financial reporting while its
Board of Directors finalizes its search for a permanent replacement
for its Chief Executive Officer. A search for a permanent CFO will
be implemented following that appointment.
“Reid has been an important component in the execution of our
company’s turnaround strategy and we wish him well in his future
endeavors,” said Chairman and Interim CEO Ron McCray. “The work
that our financial team has done to improve our organizational cost
structure and reduce the impact of the losses within our
Transitional Campuses and Discontinued Operations continues to
stabilize our financial profile.”
“My decision to join ShopperTrak represents a unique personal
opportunity for me and is not a reflection on the strength of my
belief in Career Education’s future,” Simpson said. “There is a
strong finance team in place at Career Education and I have the
utmost confidence in their ability to continue to successfully
support the execution of the company’s turnaround strategy. I
firmly believe that Career Education is on a positive path forward
and will emerge from this transformation as a stronger company. I
wish the company the very best going forward.”
McCray concluded, “Career Education has a strong history of
success in partnering with AlixPartners as they have been
instrumental in helping us identify and execute on our cost control
initiatives over the last several years. I welcome Dave to our team
and look forward to him and the AlixPartners team continuing to
find more ways for us to improve our operating platform. The Board
and I remain focused on finding a permanent solution for our CEO
position. We have retained an executive search firm and are well
into the process of identifying and interviewing internal and
external candidates for the role. We are encouraged at the caliber
of candidates we have met so far, but will remain patient until we
have found the right leader that can finalize our transition and
take Career Education to the next level.”
David Rawden Background
Dave Rawden is an experienced financial professional with an
extensive background with public companies across a wide variety of
industries including manufacturing, transportation, distribution
and education. Most recently, he was CFO for a privately held
regional specialty trucking company servicing the energy industry.
While there, Dave helped the company restructure its debt, designed
and implemented accounting and liquidity procedures, all while
significantly improving EBITDA. Dave was also Interim CFO for
Exopack Holdings SA, a privately held SEC registered $700 million
manufacturer of flexible packaging; CFO for X-Rite, Incorporated, a
$250 million private/public manufacturer of Electro/Optical color
measurement devices; CFO for Allied Holdings, Inc., a $1 billion
publicly traded transportation company; and Executive Vice
President of Finance for Savannah College of Art and Design, a
non-profit private college that also had some for-profit elements
to it. Dave earned a Master of Management degree in finance and
economics from Northwestern University and a Bachelor of Arts
degree in accounting from Michigan State University. He is a
Certified Public Accountant in the State of Michigan.
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 and 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, Le Cordon Bleu North
America (“LCB”), 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.
Except for the historical and present factual information
contained herein, the matters set forth in this release, including
statements identified by words such as “continue to,” “believe,”
“will,” “expect” and similar expressions, are forward-looking
statements as defined in Section 21E of the Securities Exchange Act
of 1934, as amended. These statements are based on information
currently available to us and are subject to various assumptions,
risks, uncertainties and other factors that could cause our results
of operations, financial condition, cash flows, performance,
business prospects and opportunities to differ materially from
those expressed in, or implied by, these statements. Except as
expressly required by the federal securities laws, we undertake no
obligation to update or revise such factors or any of the
forward-looking statements contained herein to reflect future
events, developments or changed circumstances, or for any other
reason. These risks and uncertainties, the outcomes of which could
materially and adversely affect our financial condition and
operations, include, but are not limited to, the following:
declines in enrollment; rulemaking by the U.S. Department of
Education or any state and increased focus by Congress, the
President and governmental agencies on for-profit education
institutions; our continued compliance with and eligibility to
participate in Title IV Programs under the Higher Education Act of
1965, as amended, and the regulations thereunder (including the
gainful employment and financial responsibility standards
prescribed by the U.S. Department of Education), as well as
national and regional accreditation standards and state regulatory
requirements; the impact of management changes; negative trends in
the real estate market which could impact the success of our
initiatives to reduce our real estate obligations under
discontinued operations; our ability to successfully defend
litigation and other claims brought against us; and changes in the
overall U.S. or global economy. Further information about these and
other relevant risks and uncertainties may be found in the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2014 and its subsequent filings with the Securities
and Exchange Commission.
Career Education CorporationInvestors:Alpha IR GroupChris
Hodges or Sam Gibbons(312)
445-2870CECO@alpha-ir.comorMedia:Mark SpencerDirector,
Corporate Communications(847) 585-3802
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