Career Education Corporation
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|
| Public | |
| Traded as |
NASDAQ: CECO S&P 600 Component |
| Industry | Higher education and training services |
| Headquarters | Schaumburg, Illinois, United States |
|
Number of locations
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United States; fewer than 10 campuses, including online |
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Key people
|
Todd Nelson, president and chief executive officer |
| Website | www |
Career Education Corporation (CECO) is a for-profit postsecondary higher education provider with campus-based and online programs, headquartered in Schaumburg, Illinois. The company's schools offer associate, bachelor's, master's, doctoral, and certificate programs in career-focused disciplines.
The organization will close most of its 50 campuses in the United States as the corporation downsizes to two primarily online brands: American InterContinental University and Colorado Technical University.
In 2016, Career Education Corporation had about 43,000 students. However, approximately 9,400 students came from schools that are shutting down. According to a 2014 US Senate Health, Education, Education, and Pensions report, 48% of Career Education's programs would have failed or been at risk of failing the US Department of Education's new "gainful employment" standards.
Career Education was founded in 1994 by John M. Larson who served as the company’s president, CEO and was a member of the board of directors until 2006. Under his leadership, Career Education grew to include over 24 U.S. campuses.
In 2009, Career Education purchased the right to operate Le Cordon Bleu schools in the United States and Canada. On July 1, 2003, Career Education Corporation merged with competitor Whitman Education Group, Inc., gaining control over the latter's Sanford-Brown Colleges, Ultrasound Diagnostic Schools (now known as the Sanford-Brown Institute), and Colorado Technical University. They also obtained the former Western School of Health and Business. In the same year, CEC was sued for inflating financial results and issuing misleading statements, thus violating the Securities Exchange Act.
In March 2007, Gary McCullough joined the company and served as CEO until November 2011, when Steven H. Lesnik assumed the role of interim president and CEO. Lesnik is the former chairman of the Illinois State Board of Education. In April 2013, Scott Steffey—a veteran of Strayer Education Inc. and former vice chancellor of the State University of New York (SUNY) system—was named as Lesnik's permanent replacement.
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Wikipedia