July 27, 2012
/PRNewswire/ -- Education Management Corporation (NASDAQ:EDMC) announced today that
John R. McKernan, Jr.
, will step down as Chairman of its Board of Directors, effective
August 15, 2012
. He will remain a member of the Company's Board of Directors.
Mr. McKernan has served as the Company's Chairman since June 2006. He was Chief Executive Officer from 2003 to 2007.
The Board of Directors has named
Todd S. Nelson
, currently Chief Executive Officer, to succeed Mr. McKernan as Chairman of the Board of Directors, while
Edward H. West
, currently President and Chief Financial Officer, will become the Company's new Chief Executive Officer. Mr. Nelson has been Chief Executive Officer since
, and Mr. West has served as Chief Financial Officer since
and President and Chief Financial Officer since
, the Company's Vice President – Controller, will serve as acting Chief Financial Officer upon Mr. West's appointment as Chief Executive Officer.
Mr. McKernan said, "This is the right time for
to be appointed Chairman, and
to be named CEO, and we have long planned for this potential succession. I am looking forward to continuing my involvement with EDMC as a member of the Board."
Mr. Nelson said, "We thank Jock for his many years of strong leadership to the Board as our Chairman, and I am excited for the future of EDMC with Ed's leadership as CEO. With these changes in management, we remain confident that EDMC retains the experienced leadership necessary to continue to address the opportunities and challenges in private, post-secondary education. As always, we stand by our commitment of preparing students well for their chosen careers – our mission, which is respected across the higher education community."