NEW YORK (TheStreet) -- DeVry Education (DV) stock is retreating by 13.37% to $17.50 on heavy trading volume on Wednesday afternoon, following Tuesday's announcement that CEO Daniel Hamburger stepped down after nine years with the Downers Grove, IL-based education provider, in order to pursue other opportunities.
Hamburger was replaced with Lisa Wardell, who was most recently EVP and COO at RLJ Companies. Wardell has been on the board of DeVry since 2008.
"The board of directors believes that Lisa Wardell provides a strategic vision and roadmap for the rapid acceleration of DeVry Group's diversification initiatives," Chairman Chris Begley said in a statement.
Additionally, DeVry's subsidiary, Becker Professional Education, agreed to acquire the Association of Certified Anti-Money Laundering Specialists for $330 million. The transaction is expected to close in July.
The Association of Certified Anti-Money Laundering Specialists is a membership organization that provides training and certifications for anti-money laundering and financial crime prevention professionals.
So far today, 3.03 million shares of DeVry have been traded, more than three times its average daily volume of 1 million shares.
Separately, DeVry Education has a "hold" rating and a letter grade of C at TheStreet Ratings because of the company's largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and growth in earnings per share, which offsets disappointing return on equity and a generally disappointing performance in the stock itself.
You can view the full analysis from the report here: DV
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.