|By PR Newswire||
|January 7, 2014 12:19 PM EST||
PITTSBURGH, Jan. 7, 2014 /PRNewswire/ -- Education Management Corporation (NASDAQ: EDMC) today announced that James (Jim) Hobby has been appointed to the newly created position of executive vice president (EVP) of Operational Services & Support and Charles Restivo has been named president of The Art Institutes.
In the newly created role, Hobby will be responsible for providing strategic direction to the company's Education Shared Services Center, which unites staff and other resources to better serve students across the four educational systems - Argosy University, The Art Institutes, Brown Mackie Colleges and South University. Hobby will draw upon his previous expertise to develop effective and efficient internal processes, ensure consistent implementation of best practices across the four education systems, and optimize resource allocation.
"Jim comes to Education Management with over 30 years of leadership in operations roles at several multinational corporations and has a deep understanding of organizations such as ours," said Edward H. West, EDMC president and CEO. "His expertise in increasing efficiency and customer service will help improve student outcomes and will be key as we work to achieve our objectives."
Prior to joining EDMC, Hobby served as executive vice president-global operations at Sykes Enterprises, a multinational business processing outsourcing company where he led operations around the world with 40,000 employees in 23 countries and increased revenues from $400 million to $1.2 billion per year. He also held positions of increasing responsibility at Gateway Computers, American Express and Federal Express. Hobby will be based in Pittsburgh and report directly to West.
Restivo has been the interim president of The Art Institutes since June 2013. He previously served as group vice president for The Art Institutes from 2005 to 2013, where he was responsible for the Central region. He also served as president of The Illinois Institute of Art – Chicago, from 2001 to 2005. Prior to joining the Education Management team, he held positions of increasing responsibility at other higher education institutions, including Wade College and DeVry Inc. Restivo will report to Danny Finuf, executive vice president for Education System Operations at EDMC.
"With 40 years' of leadership in the education sector – 12 of which have been at Education Management – Charles' strong vision and operations experience makes him the most qualified candidate. He will provide the direction to further enhance the student experience and develop innovation solutions that improve affordability for students and enhance relationships with employers," said West. "Over the course of his tenure, Charles has proven himself to be an innovative strategist and an invaluable asset to Education Management."
About Education Management Corporation
Education Management Corporation (www.edmc.edu), with more than 125,000 students (as of October 2013) at its 110 locations in the U.S. and Canada, is among the largest providers of post-secondary education in North America, based on student enrollment and revenue at its campuses. Offering academic programs through both campus-based and online instruction, the company provides quality academic programs and is committed to improving access, affordability and achievement for students. The company's education systems – Argosy University, The Art Institutes, Brown Mackie Colleges and South University – offer students the opportunity to earn undergraduate and graduate degrees and certain specialized non-degree diplomas in a broad range of disciplines including culinary, business, education, fashion, graphic design, health sciences, information technology, legal, media arts, and psychology and behavioral sciences.
Safe Harbor Language
This press release includes forward-looking statements within 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 related to the company's future operating and financial performance, and include statements regarding expected enrollment, revenue, expense levels, capital expenditures and earnings. 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: changes in the overall U.S. or global economy; changes in enrollment or student mix; student retention; our 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 our 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 potential impact of the draft "gainful employment" regulation issued by the U.S. Department of Education on Aug. 30, 2013; and other factors discussed in our filings with the Securities and Exchange Commission, including those identified in the "Risk Factors" section of our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Past results of Education Management are not necessarily indicative of its future results. Education Management does not undertake any obligation to update any forward-looking statements, except as required by securities laws.
SOURCE Education Management Corporation
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