Kevin Modany, the CEO of ITT Educational Services since 2007, has announced his resignation. The for-profit chain's share price was battered on Monday, sinking by 46 percent. Investors apparently soured on ITT in part because of news late last week of a collapsed real estate deal. On Friday the company disclosed that a buyer had pulled out of a May agreement to purchase 24 ITT properties for an estimated $119 million. The for-profit, which enrolls 55,000 students, is facing several state and federal investigations, as well as the possibility of tighter financial oversight by the U.S. Department of Education.
- Education Department reviews its monitoring of large for-profits in wake of Corinthian collapse
- SEC charges ITT with fraud over student loan programs
- ITT's federal compliance scramble differs from Corinthian's shut down
- Enrollments tumble at for-profit colleges
- Corinthian's failure (and U.S. role in it) fuels for-profit critics
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