STREETINSIDER.COM: Career Education (CECO) CFO Departs

Career College Central Summary:

  • The Board of Directors of Career Education Corporation, (NASDAQ: CECO), today announced that Chief Financial Officer Reid Simpson will be leaving the Company on March 31, 2015 to become Chief Financial Officer at ShopperTrak, a Chicago headquartered leading global retail analytics provider. 
  • David Rawden of AlixPartners, a business advisory firm which specializes in turnarounds and restructurings, will serve as Interim CFO effective April 1, 2015. Mr. Rawden’s experience includes interim CFO positions at Allied Holdings, Inc., Exopack Holdings SA, and X-Rite, Incorporated. It also includes prior education experience when he served as the Executive Vice President of Finance at Savannah College of Art and Design.
  • The Company also announced that Michele Peppers, Vice President Accounting & Reporting, who has served for nearly 11 years in the Company’s finance department in various roles of increasing responsibility, has been designated as the Company’s principal accounting officer effective April 1, 2015. Mr. Rawden and Ms. Peppers will oversee the Company’s financial reporting while its Board of Directors finalizes its search for a permanent replacement for its Chief Executive Officer. A search for a permanent CFO will be implemented following that appointment.
  • “Reid has been an important component in the execution of our company’s turnaround strategy and we wish him well in his future endeavors,” said Chairman and Interim CEO Ron McCray. “The work that our financial team has done to improve our organizational cost structure and reduce the impact of the losses within our Transitional Campuses and Discontinued Operations continues to stabilize our financial profile.”

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