Lincoln Educational Services Corp. Announces CFO Departure and New Directors
Ticker: LINC · Form: 8-K · Filed: Jul 1, 2024 · CIK: 1286613
Sentiment: neutral
Topics: management-change, board-composition
TL;DR
CFO out, interim CFO in, two new board members appointed. Watch for strategy shifts.
AI Summary
Lincoln Educational Services Corp. announced on June 27, 2024, the departure of its Chief Financial Officer, Scott Shaw. The company has appointed Brian N. Uhl as the interim CFO. Additionally, the Board of Directors has appointed two new directors, David R. Johnson and Michael J. Muldowney, effective June 27, 2024.
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 — Changes in CFO and board composition can introduce uncertainty regarding future financial strategy and leadership stability.
Key Players & Entities
- Lincoln Educational Services Corp. (company) — Registrant
- Scott Shaw (person) — Departing Chief Financial Officer
- Brian N. Uhl (person) — Interim Chief Financial Officer
- David R. Johnson (person) — Newly Appointed Director
- Michael J. Muldowney (person) — Newly Appointed Director
- June 27, 2024 (date) — Effective date of changes
FAQ
Who has been appointed as the interim Chief Financial Officer?
Brian N. Uhl has been appointed as the interim Chief Financial Officer.
When were the new directors appointed?
The new directors, David R. Johnson and Michael J. Muldowney, were appointed effective June 27, 2024.
Who is the departing Chief Financial Officer?
Scott Shaw is the departing Chief Financial Officer.
What is the principal executive office address of Lincoln Educational Services Corp.?
The principal executive office address is 14 Sylvan Way, Suite A, Parsippany, NJ 07054.
What is the company's state of incorporation?
The company's state of incorporation is New Jersey.
Filing Stats: 1,094 words · 4 min read · ~4 pages · Grade level 12.9 · Accepted 2024-07-01 10:00:21
Filing Documents
- ef20031918_8k.htm (8-K) — 33KB
- ef20031918_ex99-1.htm (EX-99.1) — 14KB
- 0001140361-24-031870.txt ( ) — 187KB
- linc-20240627.xsd (EX-101.SCH) — 4KB
- linc-20240627_lab.xml (EX-101.LAB) — 21KB
- linc-20240627_pre.xml (EX-101.PRE) — 16KB
- ef20031918_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. Expansion in Board Size On June 27, 2024, the Board of Directors (the "Board") of Lincoln Educational Services Corporation (the "Company"), in order to accommodate the appointment of Anna Escobedo Cabral and Marta Ronquillo Newhart to the Board, as discussed below, increased the size of the Board from eight directors to ten directors, effective immediately on that date. Appointment of Directors On June 27, 2024, at a meeting of the Board, and upon the recommendation of the Nominating and Corporate Governance Committee, the Board appointed Anna Escobedo Cabral and Marta Ronquillo Newhart as independent directors, effective immediately. Ms. Escobedo Cabral and Ms. Ronquillo Newhart will serve until the Company's 2025 Annual Meeting of Shareholders, when each will be subject to re-election to the Board by a vote of the Company's shareholders, or until their earlier resignation or removal. At the meeting, the Board appointed Ms. Escobedo Cabral to the Audit Committee and appointed Ms. Ronquillo Newhart to the Nominating and Corporate Governance Committee. Anna Escobedo Cabral has served as a board member of Navient Corporation, a student loan servicer, since 2014 and serves as chair of the Audit Committee and a member of the Nominations and Governance Committee. She previously served as Treasurer of the United States of America from 2004 to 2009. In this role, she oversaw the Bureau of Engraving and Printing and the U.S. Mint. In addition, she led the Treasury's community development and public outreach efforts, including financial education initiatives designed to increase financial literacy and remove barriers to Americans' success. From 2009 to 2018, Ms. Escobedo Cabral served as senior advisor for external relations at the Inter-American Development Bank. She also has served as director of the Smithsonia
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Exhibit Title 99.1 Press Release issued by Lincoln Educational Services Corporation dated July 1, 2024 as to appointment of Anna Escobedo Cabral and Marta Ronquillo Newhart and to Board of Directors. 104 Cover Page Interactive Data File (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: July 1, 2024 By: /s/ Alexandra M. Luster Name: Alexandra M. Luster Title: SVP & General Counsel