EDMC
 |
|
| Public | |
| Traded as | NASDAQ: EDMC |
| Industry | For-profit education |
| Founded | 1962 |
| Headquarters | Pittsburgh, Pennsylvania, United States |
|
Number of locations
|
110 campuses |
|
Area served
|
United States, Canada |
|
Key people
|
Mark A. McEachen (CEO, Chairman) |
|
Number of employees
|
23,000 |
| Divisions |
Argosy University The Art Institutes Brown Mackie College South University |
| Website | www |
Education Management Corporation ("EDMC") is a Pittsburgh, Pennsylvania-based operator of for-profit post-secondary educational institutions in the United States and Canada. The company was founded in 1962. Education Management Corporation has operated 110 schools through its four higher education divisions: Argosy University, The Art Institutes, Brown Mackie College and South University.
In October 2015, EDMC reported a student enrollment of 91,000, a 43% drop from its peak enrollment of 158,300 in 2011.
EDMC has a reported 109 locations, but more than 40 Brown Mackie Colleges and Art Institutes schools are in the process of closing.
In 2011, EDMC and its subsidiary, the Art Institutes, received greater public scrutiny with the release of the Frontline documentary: Educating Sergeant Pantzke. In the documentary, Iraq war veteran Chris Pantzke discussed the lack of disability services at the school. According to Pantzke, "Being a soldier, you don’t want to quit, you don’t want to give up or fail." But after doing his own research, Pantzke concluded that the degree he was pursuing wasn’t "worth much more than the paper is worth". And he felt he was "throwing away taxpayer money” by using GI Bill funds.
Todd S. Nelson, who was previously the CEO of Apollo Education Group, became the CEO in 2007 and the Chairman of the Board of Directors in 2012.
From June 2013 to June 2014, the company eliminated about 2,600 positions, and campuses have been closed or are in the process of closing.
EDMC has faced significant financial problems, including a 99.9% drop in the value of its stock and a defaulted bond rating (to junk bond status). Under a pending agreement, shareholder stock value will be diluted an additional 96%. Moody's credit rating service in January 2015 dropped EDMC to its lowest rating, D-PD. EDMC's CEO, Edward West, resigned from the company on August 28, 2015, "to pursue other interests". The company was never profitable under his leadership. EDMC was delisted from the NASDAQ in November 2014
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Wikipedia