PARSIPPANY, N.J. - Lincoln Educational Services Corporation (NASDAQ:LINC), a provider of career-oriented post-secondary education, has announced a forthcoming change in its board leadership. J. Barry Morrow, the current non-executive Chair of the Board, has decided not to stand for re-election at the upcoming 2024 Annual Meeting of Shareholders scheduled for May. Morrow has been with the Board since 2006 and has served as Chair since 2015.
Following Morrow's departure, John A. Bartholdson, who has served on the Board since 2019, will take over as Chair. The Board expressed its gratitude to Morrow for his nearly two decades of service and his significant contributions to the company's development. Scott M. Shaw, President, CEO, and Board member, praised Morrow's leadership and guidance and welcomed Bartholdson as the new Chair.
Morrow reflected on his tenure with appreciation and confidence in the Board and management's ability to navigate future challenges and opportunities. Bartholdson expressed his gratitude for being chosen as Morrow's successor and looks forward to contributing to Lincoln's growth strategy in his new role.
Lincoln Educational Services has a history dating back to 1946 and currently operates 22 campuses across 13 states, offering programs in automotive technology, health sciences, skilled trades, business and information technology, and hospitality services.
The information in this article is based on a press release statement from Lincoln Educational Services Corporation.
InvestingPro Insights
As Lincoln Educational Services Corporation (NASDAQ:LINC) prepares for a leadership transition on its board, recent data and analysis from InvestingPro offer insights into the company's financial health and market performance. With a market capitalization of $311.56 million, Lincoln Educational Services is navigating the competitive education sector with a strategic growth focus. According to InvestingPro Tips, the company has experienced a high return over the last year, with a notable 69.14% one-year price total return. This performance reflects the company's resilience and the market's positive reception to its initiatives.
InvestingPro Data further reveals that Lincoln Educational Services maintains a moderate level of debt, which aligns with the company's prudent financial management practices. The company's liquid assets surpass its short-term obligations, indicating a strong liquidity position to meet its immediate financial commitments. Additionally, the company's revenue growth has been positive, with an 8.55% increase over the last twelve months as of Q1 2023, and a quarterly revenue growth of 11.71% in Q1 2023.
Despite the expected drop in net income this year, as indicated by one of the InvestingPro Tips, analysts predict the company will remain profitable. With nine additional InvestingPro Tips available, investors can gain a more comprehensive understanding of the company's prospects by visiting https://www.investing.com/pro/LINC. To access these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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