ITT Educational Plunges After Real Estate Deal Abandoned

ITT Educational Services Inc., a for-profit college operator, fell the most since it went public almost 20 years ago after a deal to sell and lease back real estate fell through.

Separately, Kevin Modany, who has served as chief executive officer since 2007, will step down effective Feb. 4, 2015, Carmel, Indiana-based ITT said in a statement late today. John Dean, a company director, will fill a newly created role as executive chairman until a new CEO is hired, ITT said.