Lincoln Educational Services Corporation Announces Retirement Of David F. Carney As Executive Chairman And Chairman Of The Board Of Directors
WEST ORANGE, N.J., Dec. 9, 2010 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq:LINC) (Lincoln) announced today that David F. Carney, Executive Chairman and Chairman of the Board of Directors, will retire as Executive Chairman and also as a Member of the Board effective December 31, 2010. The Board has appointed Alexis P. Michas, a member of the company's Board of Directors since 1999, as Lincoln's Non-Executive Chairman effective upon Mr. Carney's retirement.
Lincoln also announced today that Mr. Carney has entered into a two-year consulting agreement with Lincoln that will become effective on January 1, 2011.
"It has been an honor to have played a role in the success of one of the leading providers of post-secondary education in the country," stated Mr. Carney. "I am extremely pleased at the seamless transition to the next generation of leadership at Lincoln over the past two years and look forward to my continued involvement with the company as a senior advisor in 2011 and beyond."Shaun McAlmont, Lincoln's President and CEO, stated, "Dave's contribution to the overall success of our company over the past 12 years cannot be understated. His leadership, determination and indefatigable passion for the overall success of our students will serve as the standard for all of us. We are grateful for Dave's continued involvement with the Company and thank him for his many years of service." About Lincoln Educational Services Corporation Lincoln Educational Services Corporation is a leading provider of diversified career-oriented post-secondary education. Lincoln offers recent high school graduates and working adults degree and diploma programs in five principal areas of study: health sciences, automotive technology, skilled trades, hospitality services and business and information technology. Lincoln has provided the workforce with skilled technicians since its inception in 1946. Lincoln currently operates 43 campuses in 17 states under 6 brands: Lincoln College of Technology, Lincoln Technical Institute, Nashville Auto-Diesel College, Southwestern College, Euphoria Institute of Beauty Arts and Sciences, and Lincoln College of New England. For more information, go to www.lincolnedu.com.
CONTACT: Lincoln Educational Services Corporation Cesar Ribeiro, CFO 973-736-9340
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