(AP) — Career Education Corp., a for-profit education company, said Tuesday that Chief Financial Officer and Treasurer Patrick Pesch is retiring, effective Sept. 5.
He will be replaced by Michael J. Graham, who was previously CFO of Terlato Wine Group, a private company specializing in marketing and producing luxury wines.
Pesch will stay with the company for 60 days during a transition period, and will serve as a consultant for CEC through June of 2008.
Career Education Corp. is in the midst of a turnaround. Earlier this month it said it swung to a profit in the second quarter, although revenue fell 10%. The company is in the process of selling some of its schools and campuses and named a new chief executive in March.
Shares rose 65 cents, or 2.4%, to close at $27.61.
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