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ITT Educational CEO to resign after asset sale deal unravels

  • ITT Educational (NYSE:ESI-OLD) CEO Kevin Modany plans to resign by Feb. 4, 2015. The resignation follows the unraveling of ITT's property sale-leaseback agreement with College Portfolio Buyer LLC, which led shares to fall 46.1% in regular trading.
  • ITT has also appointed director/attorney John Dean executive chairman - Modany has been chairman until now - and promoted EVP Eugene Feichtner to COO. An independent chairman will be named once a new CEO is found.

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ESI-OLD--
ITT Educational Services Inc.