Richard Wang Named to Career Education Corporation Board of Directors
March 11 2015 - 9:10AM
Business Wire
Career Education Corporation (NASDAQ: CECO), a provider of
postsecondary education programs and services, today announced that
Richard Wang has been appointed to the Company’s Board of
Directors. Mr. Wang’s appointment follows a March 4, 2015 vote by
the Board of Directors to expand the number of eligible board seats
from eight to nine.
Mr. Wang, 40, is a co-founder and Managing Partner of Tenzing
Global Management (“Tenzing Global”), which beneficially owns
approximately three percent of Career Education Corporation’s
outstanding common stock. The firm is a value-oriented, cautiously
contrarian, long-term investment firm based in San Francisco.
Tenzing Global focuses on companies in the technology, media,
telecommunications, consumer and retail sectors. Prior to Tenzing
Global, Wang was a Managing Director at Och-Ziff Capital
Management. Wang received a B.A. from the University of Chicago and
an M.B.A. from Stanford Graduate School of Business.
“We are pleased to bring new and fresh perspectives from the
investment community to our boardroom with the addition of Mr.
Wang,” said Thomas Lally, Lead Independent Director of the Board of
Directors. “Mr. Wang’s varied expertise will complement and enhance
our discussions around ways to continue moving Career Education
along a path toward sustained financial strength and excellent
outcomes for students.”
“Career Education provides innovative, career-oriented education
to students looking to better themselves professionally,” Wang
said. “Its institutions and its adaptive learning technology
development show tremendous potential for growth and success. The
company has made steady progress and I look forward to actively
working together with the board and management team to improve
student outcomes and create shareholder value.”
Wang was appointed to the Board in connection with an agreement
with Tenzing Global and certain of its affiliates. The agreement
contains restrictions on the voting of Tenzing Global’s stock and
customary standstill provisions which, subject to certain
exceptions, terminate in connection with the Company’s 2016 Annual
Meeting. The full agreement has been filed in a Form 8-K with the
Securities and Exchange Commission.
About Career Education Corporation
The colleges, institutions and universities that are part of the
Career Education Corporation (“CEC”) family offer high-quality
education to a diverse student population in a variety of
career-oriented disciplines through online, on-ground and hybrid
learning program offerings. In addition to its online offerings,
Career Education serves students from campuses throughout the
United States offering programs that lead to doctoral, master’s,
bachelor’s and associate degrees, as well as to diplomas and
certificates.
CEC’s institutions include both universities that provide degree
programs through the master or doctoral level and colleges that
provide programs through the associate or bachelor level. The
University group includes American InterContinental University
(“AIU”) and Colorado Technical University (“CTU”) – predominantly
serving students online with career-focused degree programs that
meet the educational demands of today’s busy adults. The Career
Schools group offers career-centered education primarily through
ground-based campuses and includes Briarcliffe College, Brooks
Institute, Harrington College of Design, Missouri College and
Sanford-Brown Institutes and Colleges (“SBI” and “SBC,”
respectively). Through its colleges, institutions and universities,
CEC is committed to providing high-quality education, enabling
students to graduate and pursue rewarding career opportunities.
A detailed listing of individual campus locations and web links
to Career Education’s colleges, institutions and universities can
be found at www.careered.com.
Investors:Alpha IR GroupChris Hodges or Sam Gibbons(312)
445-2870CECO@alpha-ir.comorMedia:Career Education
CorporationMark SpencerDirector, Corporate Communications(847)
585-3802
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