Last $7.65 USD
Change Today -0.05 / -0.65%
Volume 389.4K
ESI On Other Exchanges
New York
As of 8:04 PM 09/18/14 All times are local (Market data is delayed by at least 15 minutes).

itt educational services inc (ESI) Snapshot

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52 Week High
01/21/14 - $45.80
52 Week Low
08/4/14 - $7.46
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itt educational services inc (ESI) Details

itt Educational Services Inc. offers postsecondary-degree programs in the U.S. that provide diplomas as well as associate’s, bachelor’s, and master’s degrees in information technology, electronics technology, drafting and design, business, criminal justice, and health sciences. As of Mar. 22, the company operated 90 itt Technical Institutes in 33 states that primarily offer career-oriented degree programs to about 47,000 students. Headquartered in Carmel, Ind., itt was started in 1946.

itt educational services inc (ESI) Top Compensated Officers

Chief Executive Officer
Total Annual Compensation: $1.8M
President and Chief Operating Officer
Total Annual Compensation: $534.3K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $607.4K
Executive Vice President and President of Onl...
Total Annual Compensation: $476.9K
Compensation as of Fiscal Year 2012.

itt educational services inc (ESI) Key Developments

ITT Educational Services Inc. Faces Federal Scrutiny

ITT Educational Services Inc. is facing a federal lawsuit over alleged predatory, a big drop in its stock price and other woes amid tightening regulatory scrutiny of for-profit colleges nationwide. The stock price of the Carmel-based school's parent company, ITT Technical Institute, has plummeted 75% so far this year.

ITT Educational Services Inc. Announces Management Changes

ITT Educational Services Inc. announced that Kevin M. Modany notified the Board of Directors of the company that he intended to resign as Chief Executive Officer of the company, effective February 4, 2015. Following Mr. Modany's notice to the Board, the company entered into a letter agreement with Mr. Modany on August 4, 2014, pursuant to which Mr. Modany will remain Chief Executive Officer for a period ending on February 4, 2015 (the applicable period). The company may extend the applicable period by up to three months and may terminate it at any time upon notice to Mr. Modany. In addition, during the applicable period, the company is permitted to change Mr. Modany's role to that of Senior Advisor. Under the terms of the letter agreement, Mr. Modany will resign his position as Chief Executive Officer of the company on the last day of the applicable period. In addition, Mr. Modany resigned as a director and Chairman of the Board, effective August 4, 2014. John E. Dean, who has served as a member of the Board since 1994, was appointed Executive Chairman of the Board. Mr. Dean is an attorney who has specialized in higher education law since April 1985. Mr. Dean has been a partner at the Law Offices of John E. Dean since June 2005. Mr. Dean has also served as a principal of Washington Partners, LLC. On August 4, 2014, the company also announced that Eugene W. Feichtner has been promoted to the office of President and Chief Operating Officer of the company. Mr. Feichtner has over 35 years of experience with the company, serving most recently as Executive Vice President and President, ITT Technical Institute Division of the company from April 2009 through July 2014.

ITT Educational Services Inc. Enters into a Second Amendment to Credit Agreement

On May 29, 2014, ITT Educational Services Inc. entered into a Second Amendment to Credit Agreement with the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The Second Amendment provides for certain amendments to the Credit Agreement, dated as of March 21, 2012, as amended by the First Amendment thereto dated as of March 31, 2014, among the company, the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A., as syndication agent, and Wells Fargo, N.A., as documentation agent. The Second Amendment provides that: Section 6.11 of the Credit Agreement is amended to permit the company to enter into Sale and Leaseback Transactions in respect of which the net cash proceeds received in connection therewith do not exceed $125,000,000 in the aggregate during the term of the Credit Agreement, instead of the $100,000,000 provided for by the Credit Agreement prior to the Second Amendment; and Section 6.12(b) of the Credit Agreement is amended, effective as of March 30, 2014, to provide that the minimum Fixed Charge Coverage Ratio covenant will not apply to the fiscal quarter ended March 31, 2014.


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