Universal Technical Institute Appoints Kimberly J. McWaters as Chairman of the
Board of Directors
SCOTTSDALE, Ariz., Dec. 10, 2013
SCOTTSDALE, Ariz., Dec.10, 2013 /PRNewswire/ --Universal Technical
Institute, Inc. (NYSE: UTI), the leading provider of automotive technician
training, today announced the appointment of Kimberly J. McWaters as Chairman
of its Board of Directors in addition to her role as Chief Executive Officer.
Ms. McWaters replaces John C. White, who retired from his duties as an
executive officer and Chairman of the Board effective December 9, 2013. Mr.
White will continue to serve as a member of the Board. Additionally, Conrad
A. Conrad, an independent non-executive Board member, was appointed as Lead
Director of the Board.
Ms. McWaters has served as UTI's Chief Executive Officer since October 2003
and as a Director on UTI's Board since February 2005. Ms. McWaters served as
UTI's President from 2000 to March 2011. From 1984 to 2000, Ms. McWaters held
several positions with UTI, including Vice President of Marketing and Vice
President of Sales and Marketing.
Mr.Conrad has served as a Director of UTI since February 2004, serving as the
Chairman of the Audit Committee from 2004 to 2012 and as a member of the
Compensation Committee since 2004. Mr. Conrad served as a director and as
Chairman of Rural/Metro Corporation until June 30, 2011 and currently serves
as a director of Fender Musical Instruments Corporation. Mr. Conrad was
employed with The Dial Corporation from August 2000 to October 2005 where he
served as Executive Vice President and Chief Financial Officer. Prior to this,
Mr. Conrad worked with Quaker State Corporation for 25 years where he held
multiple positions, most recently Vice Chairman and Chief Financial Officer.
"I appreciate the opportunity to further serve UTI and the needs of our
industry partners and students in the role of Chairman," said Kim McWaters. "I
look forward to working further with Conrad as our Lead Director. His
leadership and 10 years of experience with UTI will be very valuable in
helping us achieve our business objectives. I want toalso thank John
Whiteonce again for his past service as our Chairman. We are pleased that
John will continue to serve UTI as a member of our Board."
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 and diploma 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
SOURCE Universal Technical Institute, Inc.
Contact: John Jenson, Vice President, Corporate Controller, Universal
Technical Institute, Inc., (623) 445-0821
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