Career Education Names Veteran Educator and Business Leader Scott Steffey as President & CEO

  Career Education Names Veteran Educator and Business Leader Scott Steffey as
  President & CEO

Former Strayer Chief Operating Officer and SUNY Vice Chancellor also Nominated
                                 to CEC Board

Business Wire

SCHAUMBURG, Ill. -- April 08, 2013

Career Education Corporation (CEC) (NASDAQ: CECO), a global provider of
postsecondary education programs and services, today named Scott Steffey –
former Chief Operating Officer of Strayer Education, Inc., and Vice Chancellor
of the State University of New York (SUNY) – as its President and Chief
Executive Officer. Steffey, whose appointment is effective immediately, will
also be nominated to stand for election to the Career Education Board of
Directors at the upcoming Annual Meeting of Stockholders.

“Scott’s unique mix of education, business and investment experience match up
well with the key drivers of our business,” said Steven H. Lesnik, Chairman of
the Board of Career Education. “This is a great alignment of skills and
experience. As we put our sector’s headwinds behind us, I am optimistic that
Scott and our strong leadership team together will carry us through our
transformation.”

Steffey’s career includes leadership roles spanning the education spectrum as
well as senior posts at both publicly- and privately-held businesses. Most
notably, he served as Executive Vice President & Chief Operating Officer (COO)
of Strayer Education, Inc., and Chairman of the Board of Trustees of Strayer
University. In his role as COO, Steffey was a hands-on force in driving
operational excellence and efficiency, academic integrity and accountability,
innovative online learning and prudent enrollment growth.

As Vice Chancellor of the SUNY – at the time the largest non-profit, unified
system of postsecondary education in the United States – Steffey was the
senior operating officer for much of his tenure at SUNY – comprised of 64
degree-granting campuses, with 400,000 students, several vocational centers,
and 75,000 faculty and administrators. He helped lead a transformation of the
SUNY system, resulting in greater academic quality and achievement at its
campuses, significant enrollment growth, revenue growth, expense containment,
and a large capital re-investment in its campus infrastructure.

Most recently, Steffey was Founder and President of Symposium Ventures, a
private equity firm serving private sector and nonprofit education
institutions.

While at SUNY, Steffey also founded the Charter Schools Institute, a
nationally recognized incubator of K-12 schools dedicated to enhancing
education opportunities for economically disadvantaged students. Steffey was
previously an executive with New Mountain Capital, a private equity firm
serving the private postsecondary industry, and at NYNEX (now Verizon) and
American Express Company. Steffey graduated from Skidmore College with a
Bachelor of Arts in Philosophy.

Steffey said:"I want to thank the Board for their confidence in me to lead
this organization at this critical juncture. I firmly believe that the company
has the ingredients necessary for achieving the highest levels of academic
excellence for the students we serve, the utmost professional integrity for
the workplace we create, and improved operational efficiency throughout our
U.S. and International institutions. I am committed to bringing a sense of
urgency to every aspect of our business – from putting students first and
driving academic innovation to embracing accountability, professional
excellence and integrity in everything we do. We will meet our challenges
head-on and view them as an opportunity to continue to build respect and trust
among all stakeholders. Career Education has the clear opportunity to achieve
sustainable long-term growth by providing outstanding experiences and outcomes
for our students and rewarding opportunities for our employees."

Steve Lesnik, who has served as interim CEO, remains as Chairman of the Board
of Directors through the Annual Meeting.

“The Board is grateful to Steve for serving the Company as interim CEO,” said
Leslie T. Thornton, Career Education’s Lead Independent Director. “Steve was a
seasoned, steady hand at a critical time for Career Education – and over the
past year he helped resolve many of our challenges and delivered on the key
goals he set for the Company. Career Education is in a stronger position than
we were when Steve stepped into the role and stepped up to meet our
challenges. We are well-positioned and well-timed for the transition forward –
and we owe Steve much gratitude for getting us here.”

About Career Education Corporation

The colleges, schools and universities that are part of the Career Education
Corporation (“CEC”) family offer high-quality education to a diverse student
population of more than 75,000 students across the world in a variety of
career-oriented disciplines through online, on-ground and hybrid learning
program offerings. The more than 90 campuses that serve these students are
located throughout the United States and in France, the United Kingdom and
Monaco, and offer doctoral, master’s, bachelor’s and associate degrees and
diploma and certificate programs.

CEC is an industry leader whose institutions are recognized globally. Those
institutions include, among others, American InterContinental University
(“AIU”); Brooks Institute; Colorado Technical University (“CTU”); Harrington
College of Design; INSEEC Group (“INSEEC”) Schools; International University
of Monaco (“IUM”); International Academy of Design & Technology (“IADT”); Le
Cordon Bleu North America (“LCB”); and Sanford-Brown Institutes and Colleges.
Through its schools, CEC is committed to providing high-quality education,
enabling students to graduate and pursue rewarding career opportunities. For
more information, see CEC's website at www.careered.com. The website includes
a detailed listing of individual campus locations and web links to CEC's
colleges, schools, and universities.

Contact:

Career Education Corporation
Mark Spencer, 847.585.3802
mdspencer@careered.com
 
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