Reuters: Hot Stocks: UPDATE 1-Career Education's Colorado University CEO quits; shares down

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Career Education's Colorado University CEO quits; shares down Jul 17th 2012, 15:18 Tue Jul 17, 2012 11:18am EDT * Says Colorado Technical University CEO resigned * Jason Friesen named chief university education officer * Shares down 7 pct July 17 (Reuters) - Career Education Corp said Jeremy Wheaton, chief executive of its Colorado Technical University, resigned to pursue entrepreneurial interests. The for-profit education provider, which is battling accreditation risks amid findings of improper placement practices, said the university's chief operating officer Jack Koehn will replace Wheaton. Shares of the company, which have lost more than three-quarters of their value in the last year, were down 7 percent at $5.17 in morning trade on the Nasdaq. The broader S&P 1500 education services sub-industry index was down 2 percent. Career Education also said it will organize more than 90 of its campuses into three businesses - University, Career, and International Education. "The previously announced plan to establish three education segments, versus the current six, will concentrate and enhance academic focus, consolidate and align similar institutions and better position the company... through fewer, stronger institutional brands," Career Education said. The company named Jason Friesen as senior vice president, chief university education officer for its University Education group, which operates Colorado Technical University and American InterContinental University. Career Education's then chief executive Gary McCullough quit last November amid findings of improper placement practices. In June, Career Education said the Accrediting Commission of Career Schools and Colleges (ACCSC) voted to direct 10 of its institutions to show cause as to why their accreditation should not be withdrawn. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions