Add
LOPE to Portfolio
Set Alert
Email to a
Friend
| |||
|
|
Quotes & Info
|
| LOPE > SEC Filings for LOPE > Form 8-K on 31-Jul-2012 | All Recent SEC Filings |
31-Jul-2012
Change in Directors or Principal Officers, Other Events
On July 26, 2012, the Board of Directors (the "Board") of Grand Canyon Education, Inc. (the "University"), appointed Mr. Brian E. Mueller, the Company's Chief Executive Officer, to the additional position of President, effective September 1, 2012. In that position, Mr. Mueller replaces Dr. Kathy Player, who, effective September 1, 2012, has accepted the position of Associate Provost.
In addition, effective immediately on July 26, 2012, the Board named Dr. W. Stan Meyer as the University's Chief Operating Officer. Since June 2008, Dr. Meyer had served the University in the position of Executive Vice President.
In connection with the above described changes, Dr. Player has entered into a new employment agreement, effective September 1, 2012, having a two year term with a base annual salary of $200,000 and a target bonus of $25,000 per year. A copy of Dr. Player's new employment agreement will be timely filed as an exhibit to an upcoming periodic report in accordance with applicable rules and regulations of the Securities and Exchange Commission.
The above described changes did not result in any adjustments to the previously disclosed compensation for Messrs. Mueller and Meyer.
The University has in effect a stock repurchase program under which our Board has authorized the University to repurchase up to $50 million of common stock, from time to time, depending on market conditions and other considerations, through a period ending September 30, 2012. Repurchases occur at the Company's discretion and may be made in the open market or in privately negotiated transactions, pursuant to the applicable Securities and Exchange Commission rules. Decisions regarding the amount and timing of future share repurchases, if any, are made as market and business conditions warrant.
On July 26, 2012, the Board extended the expiration date on the repurchase authorization to September 30, 2013. At June 30, 2012, there remained $24.1 million available under the current share repurchase authorization.
|
|