DEVRY EDUCATION GROUP INC. (NYSE:DV) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
announced that Gregory S. Davis, Senior Vice President, General
Counsel and Secretary, and Steven Riehs, Group President, Medical
and Online Education, were leaving DeVry Group, effective
immediately. The departures represent mutual agreements between
DeVry Group and each of Messrs. Davis and Riehs. F. Willis (Bill)
Caruso, Jr., DeVry Groups Vice President and Deputy General
Counsel, will serve as Interim General Counsel and DeVry Groups
medical and veterinary institutions will report directly to Lisa
W. Wardell, Chief Executive Officer of DeVry Group, as executive
searches are conducted for the positions of General Counsel and
Group President, Medical and Healthcare.
will receive payments equal to 30 days of their salary and will
be entitled to participate in DeVry Groups health and welfare
benefits plans until February 23, 2017 and (b) in accordance with
their existing employment agreements, will receive severance
payments equal to 1.5 times their annual base salary plus their
target management incentive plan (MIP) awards, payable in 18
equal monthly payments, plus pro-rated MIP awards based on actual
performance for DeVry Groups 2017 fiscal year, payable at the
time MIP awards are paid to other recipients, together with
certain outplacement and health benefits. Their severance terms
are described in additional detail under 2016 Potential Payments
Upon Termination or Change-in-ControlEmployment AgreementsOther
Continuing NEOs in DeVry Groups definitive proxy statement on
Schedule 14A, filed with the Securities and Exchange Commission
on October 4, 2016. In addition, Messrs. Davis and Riehs will be
treated as having retired for the purposes of all of their
outstanding stock options and other equity awards that include a
definition of the term retirement.
that affect DeVry Groups expectations or plans, may constitute
forward-looking statements subject to the Safe Harbor Provision
of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally can be identified by phrases
such as DeVry Education Group Inc. or its management anticipates,
believes, estimates, expects, forecasts, foresees, intends, plans
or other words or phrases of similar import.
uncertainties, there are important factors that could cause DeVry
Groups actual results to differ materially from those projected
or implied by these forward-looking statements. Additional
information regarding factors that could cause results to differ
can be found in DeVry Groups Annual Report on Form 10-K for the
fiscal year ended June 30, 2016, and quarterly report on Form
10-Q for the fiscal quarter ended September 30, 2016.
January 24, 2017, and DeVry Group assumes no obligation to
publicly update or revise its forward-looking statements even if
experience or future changes make it clear that any projected
results expressed or implied therein will not be realized.
| Item 9.01 |
Financial Statements and Exhibits.
|
| Exhibit 10.1 |
Executive Employment Agreement with Gregory S. Davis,
dated July 7, 2016. |
About DEVRY EDUCATION GROUP INC. (NYSE:DV)
DeVry Education Group Inc. (DeVry Group) is a global provider of educational services. DeVry Group’s focuses on empowering its students to achieve their educational and career goals. DeVry Group’s institutions offer a range of programs in healthcare, technology, business, accounting, finance and law. The Company operates in three segments: Medical and Healthcare; International and Professional Education, and Business, Technology and Management. Medical and Healthcare includes DeVry Medical International (DMI), Chamberlain College of Nursing (Chamberlain) and Carrington College (Carrington). International and Professional Education consists of DeVry Brasil and Becker Professional Education (Becker). Business, Technology and Management consists of DeVry University. As of June 30, 2016, DMI operated three institutions: American University of the Caribbean School of Medicine (AUC), Ross University School of Medicine (RUSM) and Ross University School of Veterinary Medicine (RUSVM). DEVRY EDUCATION GROUP INC. (NYSE:DV) Recent Trading Information
DEVRY EDUCATION GROUP INC. (NYSE:DV) closed its last trading session down -0.15 at 32.75 with 818,412 shares trading hands.
