PITTSBURGH, Jan. 14, 2016 /PRNewswire/ -- Education Management Corporation (EDMC) today announced that Mick J. Beekhuizen will be stepping down as Executive Vice President and Chief Financial Officer, effective February 29. Frank Jalufka will replace Mr. Beekhuizen as Senior Vice President and Chief Financial Officer. Mr. Beekhuizen joined EDMC in 2013, after previously having served as a director of the company.
"I take pride in the successes we have experienced at EDMC during the last three years," said Mr. Beekhuizen. "I thank EDMC for the opportunity to make a difference in the careers and lives of so many students."
During his three-year tenure as Executive Vice President and CFO, Mr. Beekhuizen helped EDMC remain among the national leaders of private education providers. He notably played an instrumental role in EDMC's successful two-part capital restructuring concluded in April 2015 that eliminated $1.3 billion in outstanding debt and gave EDMC a sustainable long-term capital structure.
"We are very grateful to Mick for his commitment to EDMC and its students," said Mark A. McEachen, Chief Executive Officer of EDMC. "Through his hard work, Mick leaves EDMC stronger institutionally, in a better financial position, and poised to take the lead in providing the best value in education to our students."
"We are also fortunate to have recruited Frank Jalufka to fill Mick's role."
Mr. Jalufka is an experienced executive with nearly two decades working in corporate executive and financial roles. Most recently, he served as the Vice President, Chief Operating Officer and Chief Financial Officer at The Dolan Company, where he was responsible for managing all operational and financial aspects of the corporation.
"I am excited to be a part of the EDMC team," said Mr. Jalufka. "I look forward to working with Mark McEachen and the leadership team to find new ways to make a high quality EDMC education available to more and more people."
About Education Management Corporation
Education Management Corporation (www.edmc.edu) provides post-secondary education in North America through four education systems -- The Art Institutes, Argosy University, Brown Mackie Colleges, and South University - totaling 110 locations in 32 U.S. states and Canada. The company offers academic programs to students through campus-based and online instruction, or through a combination of both. The company is committed to offering quality academic programs and strives to improve the learning experience for its students. Its educational institutions offer students the opportunity to earn undergraduate and graduate degrees and certain specialized non-degree diplomas in a broad range of disciplines, including media arts, health sciences, design, psychology and behavioral sciences, culinary, business, fashion, legal, education and information technology.
Cautionary Statement
This press release includes information that could constitute forward-looking statements with the meaning of the Private Securities Litigation Reform Act of 1995. These statements typically contain words such as "anticipates," "believes," "estimates," "expects," "intends" or similar words indicating that future outcomes are not known with certainty and are subject to risk factors that could cause these outcomes to differ significantly from those projected. Forward-looking statements include, but are not limited to, statements about the benefits of the restructuring and the implementation of a management incentive plan in connection with the restructuring. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Some of the factors that could cause actual results to differ materially include, but are not limited to: the ability to realize the anticipated benefits of the restructuring; changes in the overall U.S. or global economy; changes in enrollment or student mix; student retention; the company's ability to maintain eligibility to participate in Title IV programs; changes in government spending; increased or unanticipated legal and regulatory costs; success of cost-cutting initiatives and growth strategies; changes in accreditation standards; the implementation of new operating procedures for the company's fully online programs; government and regulatory changes including revised interpretations of regulatory requirements that affect the postsecondary education industry; new programs and operational changes implemented in response to the "gainful employment" financial metrics; the impact of the gainful employment regulation on the company's programmatic offerings to students due to the inability of the programs to pass the debt to income tests imposed by the gainful employment regulation; and other factors discussed in the company's filings with the Securities and Exchange Commission, including those identified in the "Risk Factors" section of the company's Annual Report on Form 10-K. Past results of the company are not necessarily indicative of its future results. The company does not undertake any obligation to update any forward-looking statements, except as required by securities laws.
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SOURCE Education Management Corporation
