Business Context and Reporting Period
This Form 8-K Current Report was filed by Lincoln Educational Services Corporation on December 4, 2014. The filing addresses corporate governance changes, specifically the appointment of new directors to the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial statement data.
Material Changes
- Board Composition: The Board of Directors appointed Douglas G. DelGrosso and Ronald E. Harbour as new directors.
- Director Retirement: The appointment of Mr. DelGrosso fills the vacancy created by the retirement of Paul E. Glaske, effective December 4, 2014.
- Board Size: The total number of directors on the Board has increased to 10 members.
Management Commentary and Risks
New Director Backgrounds:
- Douglas G. DelGrosso: President and CEO of Henniges Automotive. He brings experience in improving operating performance, efficiencies, and restructuring from previous roles at TRW Automotive and Lear Corporation.
- Ronald E. Harbour: Senior Partner at Oliver Wyman overseeing Global Automotive Manufacturing. He has extensive experience with public company boards, including roles at Spartan Motors, Techform Products, and U.S. Manufacturing Corporation.
Committee Assignments: The Board has not yet determined to which committees the new directors will be appointed.
Arrangements: There are no undisclosed arrangements or understandings regarding the selection of these directors.
Investor Verification Checklist
- Verify the official press release (Exhibit 99.1) for additional details on the new directors' qualifications.
- Monitor future filings for the specific committee assignments of Messrs. DelGrosso and Harbour.
- Confirm the effective date of Paul E. Glaske's retirement in subsequent governance reports.