LINCOLN EDUCATIONAL SERVICES CORPORATION (NASDAQ:LINC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Expansion of the Board
By unanimous action of the Board of Directors of Lincoln Educational Services Corporation (the “Company”), on March 11, 2020, the Board of Directors, upon the recommendation of the Nominating and Corporate Governance Committee, determined to expand the size of the Board from eight members to nine members.
Appointment of New Director
Also, on March 11, 2020, by unanimous action of the Board of Directors of the Company, also upon the recommendation of the Nominating and Corporate Governance Committee, the Board appointed Kevin M. Carney to fill the newly-created directorship resulting from the expansion in the size of the Board of Directors from eight members to nine members such appointment to be effective immediately, but has not yet determined to which committees of the Board Mr. Carney will be appointed. Upon the recommendation of the Nominating and Corporate Governance Committee, the Board determined that Mr. Carney is independent under the rules of The NASDAQ Stock Market.
Mr. Carney recently retired as Executive Vice President and Chief Financial Officer of Web.com Group, Inc. (formerly a NASDAQ listed company). Mr. Carney joined the founding management team of Web.com in 1998 and served as its Chief Financial Officer through 2018. Since retiring from Web.com, Mr. Carney has been providing consulting services, specializing in mergers and acquisitions. Prior to Web.com, Mr. Carney was Director of Finance and Chief Financial Officer of The Carlyle Group and Carlyle International, respectively, from 1990 through 1994, and, prior to that, as Director of Mergers and Acquisitions at Manor Care, Inc. (formerly a NYSE listed company). He began his career as an auditor with Arthur Andersen & Co., was a Certified Public Accountant, and holds a B.S. in Accounting and Finance from Boston College. Mr. Carney’s extensive accounting, financial and executive management experience in both financial and technology industries positions him well to serve as a member of our Board.
The expansion of the Board of Directors and the appointment of Mr. Carney were affected as part of the Company’s corporate governance planning.
There are no arrangements or understandings between Mr. Carney and any other person to which he was selected as a director nor are there any disclosable arrangements under Item 404(a) of Regulation S-K.
About LINCOLN EDUCATIONAL SERVICES CORPORATION (NASDAQ:LINC)
Lincoln Educational Services Corporation is a provider of post-secondary education. The Company operates in two segments: Transportation and Skilled Trades, and Transitional. The Transportation and Skilled Trades segment offers academic programs in the disciplines of transportation and skilled trades (automotive, diesel, heating, ventilation and air conditioning (HVAC), welding and manufacturing). The Transitional segment includes operations that are being phased out and consists of its campus that is being taught out. It offers programs in automotive technology, skilled trades, which include HVAC, welding and computerized numerical control and electronic systems technology; healthcare services, which include nursing, dental assistant and pharmacy technician; hospitality services, which include culinary, therapeutic massage, cosmetology and aesthetics, and business and information technology, which includes information technology and criminal justice programs.
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