Career Education President And CEO Scott Steffey Resigns - Quick Facts

(RTTNews) - Career Education Corp. (CECO) announced the resignation of President and Chief Executive Officer Scott Steffey. The company named Ronald McCray to serve as Interim President and CEO and Thomas Lally to serve as lead independent director of the Board. The company said that the Board is launching an executive search for a new CEO.

The company specified that these leadership changes, which are effective immediately, are not the result of any changes in the company's operational, regulatory or financial position, performance or reporting, and should have no impact on students.

McCray, Interim President and CEO, said, "We will continue to simplify our business model, generate growth in total university student enrollment, strengthen academic outcomes at our institutions, while remaining focused on shareholder value and our return to profitability,"

Career Education said it continues to expect positive Adjusted EBITDA from ongoing operations for both the fourth quarter of 2014 and the full year 2015, assisted in part by its previously announced $40 million of expense reductions which were implemented last year.