American Public Education, Inc. (NASDAQ:APEI), announced that Carol Gilbert, Executive Vice President, Programs and Marketing, will retire on or about December 16, 2016 (the “Retirement Date”). Ms. Gilbert has agreed to remain in her role through the Retirement Date and to help the Company through this transition period. The Company and Ms. Gilbert intend to enter into a letter agreement to formalize the terms of her departure and to provide for an arrangement pursuant to which Ms. Gilbert will consult on matters related to the marketing and enrollment management functions at APUS.
Dr. Wallace E. Boston, Chief Executive Officer of the Company, said “Carol has been a tremendous leader and an integral part of our Company’s growth and success since 2004. I thank her for her dedication to our students, our employees and key stakeholders, and I appreciate her willingness to continue working with us for a period of time as she transitions to retirement and other pursuits.”
For purposes of her Executive Employment Agreement dated August 1, 2014 (the “Employment Agreement”), Ms. Gilbert’s retirement will be treated as a termination of employment by Ms. Gilbert for “good reason” and she will be entitled to the benefits provided for in the Employment Agreement in that circumstance. The Employment Agreement was filed as Exhibit 10.1 to the Company’s Form 10-Q for the period ended June 30, 2014, filed on August 5, 2014.