After 37 Years of Service, Universal Technical Institute Announces Retirement
of John C. White, Chairman of the Board
SCOTTSDALE, Ariz., Oct. 4, 2013
SCOTTSDALE, Ariz., Oct. 4, 2013 /PRNewswire/ --Universal Technical Institute,
Inc. (NYSE: UTI), the leading provider of post-secondary education for
students seeking careers as automotive, diesel, collision repair, motorcycle
and marine technicians, announced today that John C. White has advised the
Board of Directors of his intention to retire from his duties as an executive
officer and Chairman of the Board, effective December 9, 2013. The company is
pleased to report, however, that Mr. White will continue to serve as a member
of UTI's Board of Directors. Identification of a successor Board leader is
currently under review and will be announced in the future.
Mr. White, 65, has served as Chairman since 2005. He stated, "I feel very
fortunate that I dedicated the past 37 years of my life to a purpose-driven
company that has literally changed the lives of hundreds of thousands of men
and women by giving them access to a quality education for jobs that are in
high demand. Personally, I am very proud to have been a part of building this
company into the premier technical education provider it is today and will
always hold a special place in my heart for all of the people who helped
create the success behind our MMI, NASCAR Tech and UTI brands. I look forward
to supporting the company with my continued involvement as a member of the
"John White's legacy will continue regardless of whether he is in the office
every day. He has shaped our company for many years and has made a lasting
impression on all of us," said Kim McWaters, CEO of Universal Technical
Institute. "His visionary leadership and his ability to see the value in
partnering with some of the world's leading manufacturers as a way to help
both students and employers was leading edge at the time and is the core of
our brand and strategic positioning nearly 40 years later."
Mr. White began changing the world for thousands of future technicians when he
acquired Motorcycle Mechanics Institute (MMI) in 1977; the school had one
building, a handful of students and two instructors. In the early 1980s, his
vision guided him to launching a first-of-its-kind training partnership with
Harley-Davidson USA. This partnership set the stage for a successful strategy
working closely with leading motorcycle manufacturers. Soon after
Harley-Davidson, relationships with Suzuki, Yamaha, Kawasaki and Honda were
also formed, driving the creation and delivery of educational offerings that
best prepare technicians to enter the workforce.
"One of the most important memories I've had in the 42 years of working for
Suzuki was to step up, endorse and sign the agreement with Motorcycle
Mechanics Institute and its founder, John White. This was accomplished because
of our relationship with John, his integrity and the way he was
revolutionizing training for the motorcycle industry," said Jim Kirkland,
Director, Motorcycle ATV Service Division Head, Suzuki Motor of America, Inc.
"John is a remarkable individual that I'm proud to consider a great business
partner and more importantly a true friend. We wish John well. I know Suzuki
Motor of America, Inc. and I will miss John's presence immensely."
In 1997, MMI and UTI merged. Mr. White became the company's Chief Strategic
Planning Officer and served as a Director on the Board. In 2005, John became
Chairman of the Board while actively engaged in business strategy development.
After MMI and UTI joined forces, John was instrumental in forging
relationships with leading automotive manufacturers and also led the
development of two significant partnerships that created greater awareness
about opportunities in the area of automotive service and motorsports with the
legendary Hot Rod Magazine and, subsequently, with NASCAR. UTI's Hot Rod U
and Super Street Power and Performance Courses have long been student
favorites and are exclusive to UTI. This past year, NASCAR Tech, the only
school of its type in the country celebrated its 10th anniversary with more
than 5000 graduates successfully employed in the industry.
It seems only fitting that before Mr. White announced his intention to retire,
he made sure that the new partnership he spearheaded with GM was announced and
ready to launch at the Avondale campus. With more than 30 world-famous
industry brands now associated with UTI, MMI and NASCAR Tech, John's legacy
will continue to positively influence the company and benefit thousands of
students and employers across the country for many more years to come.
Mr. White has been honored on numerous occasions throughout his career and
most recently was awarded the 2013 Alumni Award for Distinguished Service from
the College of Engineering at the University of Illinois/Urbana-Champaign. The
award recognizes his outstanding achievements and service to both the
University of Illinois and the larger community via entrepreneurial innovation
and philanthropic leadership. He is also a generous supporter of the UTI
Foundation and a number of other charities.
Safe Harbor Statement
All statements contained herein, other than statements of historical fact, are
"forward-looking" statements within the meaning of Section 21E of the
Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933,
as amended. Such statements are based upon management's current expectations
and are subject to a number of uncertainties that could cause actual
performance and results to differ materially from the results discussed in the
forward-looking statements. Factors that could affect the Company's actual
results include, among other things, changes to federal and state educational
funding, changes to regulations or agency interpretation of such regulations
affecting the for-profit education industry, possible failure or inability to
obtain regulatory consents and certifications for new or expanding campuses,
potential increased competition, changes in demand for the programs offered by
UTI, increased investment in management and capital resources, the
effectiveness of the recruiting, advertising and promotional efforts, changes
to interest rates and unemployment, general economic conditions of the Company
and other risks that are described from time to time in the Company's public
filings. Further information on these and other potential factors that could
affect the financial results or condition may be found in the Company's
filings with the Securities and Exchange Commission. The forward-looking
statements speak only as of the date of this press release. Except as required
by law, the Company expressly disclaims any obligation to publicly update any
forward-looking statements whether as a result of new information, future
events, changes in expectations, any changes in events, conditions or
circumstances, or otherwise.
About Universal Technical Institute, Inc.
Headquartered in Scottsdale, Arizona, Universal Technical Institute, Inc.
(NYSE: UTI) is the leading provider of post-secondary education for students
seeking careers as professional automotive, diesel, collision repair,
motorcycle and marine technicians. With more than 170,000 graduates in its
48-year history, UTI offers undergraduate degree, diploma and certificate
programs at 11 campuses across the United States, as well as
manufacturer-specific training programs at dedicated training centers. Through
its campus-based school system, UTI provides specialized post-secondary
education programs under the banner of several well-known brands, including
Universal Technical Institute (UTI), Motorcycle Mechanics Institute and Marine
Mechanics Institute (MMI) and NASCAR Technical Institute (NASCAR Tech). For
more information visit www.uti.edu.
SOURCE Universal Technical Institute, Inc.
Contact: John Jenson, Vice President, Corporate Controller, Universal
Technical Institute, Inc., (623) 445-0821
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