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CAREER EDUCATION CORPORATION.
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BOSTIC R STEVEN
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Steve Bostic issued the following statement on May 16, 2006:
Statement
Steve Bostic Comments on Career Education Announcement Regarding Ariel Capital
Management
SEA ISLAND, GA, May 16, 2006 -- Steve Bostic, the beneficial owner of
approximately 1% of the outstanding stock of Career Education Corporation (CEC
or NASDAQ: CECO), today issued the following statement on Career Education's
announcement today regarding Ariel Capital Management, LLC:
While I am disappointed by Career Education's announcement, I remain
confident that the majority of stockholders will recognize the need for
change at Career Education Corporation to restore integrity and sound
educational values and put the company back on the right path. This
doesn't change the fact that CEC's failed leadership has led to a $4
billion CEC share price devaluation under Jack Larson and a host of
regulatory difficulties - including the probation of AIU's accreditation -
that have the potential to further diminish the value of the CEC franchise
absent effective and immediate action. In a stockholder letter I released
today, I directly addressed the misleading questions that CEC management
has posed in an effort to distract stockholders from these facts. I do not
believe that current management can restore CEC to the highest level of
educational institutions and create value for its students and
stockholders without a new, intense standard of oversight by the Board.
I am pleased that our nominees also received support from two leading
independent shareholder advisory firms, Institutional Shareholder Services
and Glass Lewis & Co. I continue to believe that our alternative slate of
directors have the commitment, experience and ability needed to effect
meaningful change at CEC. As a former Chairman and Chief Executive Officer
of the holding company that owned AIU prior to its acquisition by CEC, I
have relevant educational experience, and experience in maintaining and
expanding the scope of AIU's SACS accreditation. As the former Chief
Executive Officer of Deloitte & Touche LLP and Deloitte Touche Tohmatsu,
Mr. Copeland's accounting experience would benefit the Company in light of
recent restatements and deficiencies in internal controls - a fact also
noted by Glass Lewis. Mr. Copeland has also been a Senior Fellow for
Corporate Governance with the U.S. Chamber of Commerce, experience that
will serve as valuable oversight to improve corporate governance at CEC.
As a partner of the law firm McKenna Long & Aldridge, former President of
the American Bar Association and member of the board of trustees of
Clark-Atlanta University, Mr. Ide possesses not only a strong legal
background, which we believe would support the Company in navigating the
current legal and regulatory challenges it faces, but valuable educational
experience to support the restoration of sound educational values at CEC.
Both Messrs. Copeland and Ide have extensive experience serving on the
boards of other publicly traded companies. Mr. Ide currently sits on the
board of directors of AFC Enterprises and Albemarle Corporation. Mr.
Copeland currently sits on the board of directors of Coca-Cola Enterprises
Inc., ConocoPhillips and Equifax Inc.
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