ITT's CEO Resigns as Share Price Slides

August 5, 2014

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.

+ -

Expand commentsHide comments  —   Join the conversation!

Opinions on Inside Higher Ed

Inside Higher Ed’s Blog U

Back to Top