David W. Devonshire Submits Resignation From Career Education Corporation Board of Directors, Citing Health Concerns
14 May 2015 - 10:15PM
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 GroupSam Gibbons or Chris Hodges,
312-445-2870CECO@alpha-ir.comorMedia:Career Education
CorporationMark Spencer, 847-585-3802Director, Corporate
Communications
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