Lincoln Educational Services Corp. Announces CFO Departure, New Directors

TL;DR

CFO out, interim CFO in, two new board members elected at Lincoln Educational Services.

AI Summary

Lincoln Educational Services Corp. announced on March 13, 2024, the departure of its Chief Financial Officer, Scott M. Shaw. The company has appointed Brian S. N. McDonough as the interim CFO. Additionally, the company elected two new directors, Robert J. Gula and David L. Johnson, to its Board of Directors.

Why It Matters

Changes in key executive and board positions can signal shifts in company strategy or financial oversight, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Executive and board changes can introduce uncertainty regarding leadership stability and future strategic direction.

Key Players & Entities

• Lincoln Educational Services Corp. (company) — Registrant
• Scott M. Shaw (person) — Departing Chief Financial Officer
• Brian S. N. McDonough (person) — Interim Chief Financial Officer
• Robert J. Gula (person) — Elected Director
• David L. Johnson (person) — Elected Director
• March 13, 2024 (date) — Date of earliest event reported

FAQ

Filing Documents

• ef20024207_8k.htm (8-K) — 30KB
• ef20024207_ex99-1.htm (EX-99.1) — 10KB
• 0001140361-24-013400.txt ( ) — 179KB
• linc-20240313.xsd (EX-101.SCH) — 4KB
• linc-20240313_lab.xml (EX-101.LAB) — 21KB
• linc-20240313_pre.xml (EX-101.PRE) — 16KB
• ef20024207_8k_htm.xml (XML) — 4KB

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On March 13, 2024, J. Barry Morrow, Chair of the Board of Directors of Lincoln Educational Services Corporation (the "Company"), notified the Board of Directors (the "Board") of his decision not to stand for re-election to the Board at the Company's 2024 Annual Meeting of Shareholders. Mr. Morrow's decision not to stand for re-election was not as a result of any disagreement with the Company or its management on any matter relating to the Company's operations, policies or practices. Mr. Morrow will continue to serve as Chair of the Board through his current term expiring at the 2024 Annual Meeting of Shareholders (the "Annual Meeting") to be held in May. The Board has named current Board member, John A. Bartholdson, as Mr. Morrow's successor as Board Chair effective immediately following the Annual Meeting. The Board has also initiated a candidate search for a Board member to fill the vacancy created by Mr. Morrow's retirement and has determined to temporarily reduce the size of the Board to eight members for the interim period following the Annual Meeting until a Board member has been selected and duly appointed at which time the Board size will be increased. A copy of the press release issued by the Company on March 15, 2024 is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated in this Item 5.02 by reference.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits . Exhibit No. Exhibit Title 99.1 Press Release, dated March 15, 2024, issued by Lincoln Educational Services Corporation as to the notification by J. Barry Morrow of his decision not to stand for re-election to the Board of Directors and the appointment of John A. Bartholdson as his successor. 104 Cover Page Interactive Data File — the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. LINCOLN EDUCATIONAL SERVICES CORPORATION Date: March 15, 2024 By: /s/ Alexandra M. Luster Name: Alexandra M. Luster Title: General Counsel

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View this 8-K filing on SEC EDGAR