Corinthian Colleges Inc., one of the country's biggest and most controversial for-profit higher education businesses and a company in the thick of the effort to challenge the Education Department's proposed new regulatory approach to the sector, has replaced its chief executive officer with its former leader.
Jack Massimino, who headed Corinthian from 2005 to 2009 and since has served as chairman of its board, announced on Tuesday that he would re-take the company's reins from Peter Waller, who succeeded him as CEO in July 2009.
Massimino insisted that despite a series of regulatory and legal difficulties for the company, Waller's departure had "nothing to do with the company, performance, compliance, anything.... Things happen, personalities are personalities." The board "concluded that a different management style was needed to guide the company at this time, and it asked for, and Peter tendered, his resignation. It does not signal broader problems at the company."