CAPPS - Avocacy and Communication Professional Development

California Association of Private Postsecondary Schools

ITT's CEO Resigns as Share Price Slides


Inside Higher Ed. 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.