PITTSBURGH, Aug. 14, 2015 /PRNewswire/ -- Education Management Corporation (EDMC) today announced that Edward H. West has resigned as President, Chief Executive Officer (CEO) and Director, effective Aug. 28, to pursue other interests. West joined EDMC nine years ago and has served as CEO since August 2012.
"I leave EDMC confident that we have made great strides in our efforts to focus on student outcomes, improve retention and lower the cost of education," said West. "It has truly been an honor to represent our 20,000 employees as we provide an exceptional educational experience to over 100,000 students."
During his tenure as CEO, West maintained EDMC's stature as a leading provider of private-sector, higher education and drove an ardent focus on student outcomes and lowering the cost of education for students.
"We're very grateful to Ed for his leadership and commitment to EDMC's mission," said Mark A. McEachen, Chairman of the Board of Directors. "Through his hard work, Ed leaves a more focused and outcomes-oriented EDMC, with a new Board of Directors and an infrastructure that will allow our institutions to better serve students. Ed also built a strong leadership team that will continue to emphasize student success."
The Board of Directors will conduct a search process to hire EDMC's next Chief Executive Officer. The Board of Directors has established an Office of the Chairman to act in place of the CEO until a new CEO is appointed.
About Education Management Corporation
Education Management Corporation (www.edmc.edu) provides post-secondary education in North America through four education systems — The Art Institutes, Argosy University, Brown Mackie Colleges, and South University – totaling 110 locations in 32 U.S. states and Canada. The company offers academic programs to students through campus-based and online instruction, or through a combination of both. The company is committed to offering quality academic programs and strives to improve the learning experience for its students. Its educational institutions offer students the opportunity to earn undergraduate and graduate degrees and certain specialized non-degree diplomas in a broad range of disciplines, including media arts, health sciences, design, psychology and behavioral sciences, culinary, business, fashion, legal, education and information technology.
This press release includes information that could constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements typically contain words such as "anticipates," "believes," "estimates," "expects," "intends" or similar words indicating that future outcomes are not known with certainty and are subject to risk factors that could cause these outcomes to differ significantly from those projected. Forward-looking statements include, but are not limited to, statements about the benefits of the restructuring and the implementation of a management incentive plan in connection with the restructuring. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Some of the factors that could cause actual results to differ materially include, but are not limited to: the ability to realize the anticipated benefits of the restructuring; changes in the overall U.S. or global economy; changes in enrollment or student mix; student retention; the company's ability to maintain eligibility to participate in Title IV programs; changes in government spending; increased or unanticipated legal and regulatory costs; success of cost-cutting initiatives and growth strategies; changes in accreditation standards; the implementation of new operating procedures for the company's fully online programs; government and regulatory changes including revised interpretations of regulatory requirements that affect the postsecondary education industry; new programs and operational changes implemented in response to the "gainful employment" financial metrics; the impact of the gainful employment regulation on the company's programmatic offerings to students due to the inability of the programs to pass the debt to income tests imposed by the gainful employment regulation; and other factors discussed in the company's filings with the Securities and Exchange Commission, including those identified in the "Risk Factors" section of the company's Annual Report on Form 10-K. Past results of the company are not necessarily indicative of its future results. The company does not undertake any obligation to update any forward-looking statements, except as required by securities laws.
SOURCE Education Management Corporation