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Career Education Corporation (NASDAQ: CECO), a provider of postsecondary education programs and services, today announced the appointment of experienced financial leader Reid E. Simpson as Senior Vice President and Chief Financial Officer. He replaces Colleen O’Sullivan who is leaving the organization, but will remain available for consultation to Mr. Simpson through the end of June to ensure a smooth transition.
“Hiring someone of Reid Simpson’s caliber underscores the extent to which we have strengthened our financial position over the past year and are now looking into the future,” said Scott Steffey, President and CEO of Career Education. “Reid has a deep understanding of private sector higher education and is a seasoned Chief Financial Officer, having been a CFO in the public sector multiple times before joining Career Education. His vast experience in finance, with the investment community and leading finance organizations will be useful to Career Education as we transition from turnaround to growth once again. I look forward to Reid joining our senior leadership team and to the breadth of experience he will bring to this critical role.”
Steffey added: “Colleen O’Sullivan has been a great asset to Career Education for more than six years. In addition to her role as the Chief Financial Officer, Colleen served as the company’s corporate controller and chief accounting officer. She helped us enormously in getting our cost structure aligned with our student population and was a critical leader during an especially challenging period for this organization. I’d like to thank her for all she has done for Career Education, and wish her nothing but the best.”
Before joining Career Education, Mr. Simpson was Senior Vice President and Chief Financial Officer of the then NASDAQ-listed Asset Acceptance Capital Corp. and was instrumental in the sale of the company to Encore Capital Group in 2013.