Career Education Corporation (NASDAQ:CECO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
Andrew Cederoth, Senior Vice President and Chief Financial Officer, will be leaving Career Education Corporation (the “Company”) to pursue other opportunities. On September19, 2017, the Company determined that Mr.Cederoth would cease serving in that role as an executive officer of the Company effective September20, 2017. Mr.Cederoth’s employment with the Company is anticipated to continue through September30, 2017. Mr. Cederoth’s departure from the Company is not the result of any dispute or disagreement with the Company, or any matter relating to the Company’s accounting practices or financial statements, and the Company thanks Mr. Cederoth for his service. Mr.Cederoth is eligible for benefits in accordance with the Company’s Executive Severance Plan, a copy of which is available as Exhibit 10.9 to the Company’s Quarterly Report on Form 10-Q for the period ended September30, 2015.
On September19, 2017, the Board of Directors of the Company appointed Ashish Ghia as the Company’s Interim Chief Financial Officer effective September21, 2017.
Mr.Ghia, age 41, joined the Company in June 2008 and has served in various financial planning and analysis roles with increasing responsibility, including as Vice President Finance since February 2016 and Vice President Financial Planning& Analysis from October 2012 through January 2016. Mr.Ghia has also served as Assistant Treasurer of the Company since August 2016. Prior to joining the Company in June 2008, Mr.Ghia was a Business Finance Manager with Sears Holdings Corporation from 2006 to 2008 and also held associate positions with PricewaterhouseCoopers LLP and Ernst& Young prior thereto. Mr.Ghia holds a Bachelor of Commerce degree in financial accounting and audit from the University of Mumbai and a Master of Business Administration from Georgia State University and is a certified public accountant.
There are no arrangements between Mr.Ghia and any other person to which he was selected to become Interim Chief Financial Officer of the Company. Mr.Ghia does not have any family relationship with any executive officer or director of the Company, or with any person selected to become an officer or director of the Company. Neither Mr.Ghia nor any member of his immediate family has any direct or indirect material interest in any transaction required to be disclosed to Item 404(a) of Regulation S-K.
During his tenure as Interim Chief Financial Officer, Mr.Ghia’s base salary will be $350,000 per year. In connection with Mr.Ghia’s appointment to this interim position, he will also receive an award of restricted stock units to the Career Education Corporation 2016 Incentive Compensation Plan with a grant date target value of $150,000 which will vest over four years, subject to continued service with the Company.
The Company intends to undertake a search for a permanent Chief Financial Officer.
A copy of the Company’s press release regarding these events is furnished herewith and attached hereto as Exhibit 99.1.
| Item 5.02. | Financial Statements and Exhibits. |
(d) Exhibits.
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CAREER EDUCATION CORP ExhibitEX-99.1 2 d266714dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Career Education Corporation Announces Departure of Chief Financial Officer Schaumburg,…To view the full exhibit click here
About Career Education Corporation (NASDAQ:CECO)
Career Education Corporation, through its colleges, institutions and universities, offers education to students in a range of career-oriented disciplines through online, on-ground and hybrid learning programs. The Company’s 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. The Company’s operating segments include CTU, AIU, Culinary Arts, Transitional Group, and Corporate and Other. Its University group consists of AIU and CTU, which serve students online with career-focused degree programs. Its Career Colleges Group consists of Culinary Arts and Transitional Group segments. The Culinary Arts segment includes Le Cordon Bleu institutions in North America (LCB), which offer hands-on educational programs in the career-oriented disciplines of culinary arts and patisserie and baking in the commercial-grade kitchens of Le Cordon Bleu.