PITTSBURGH, March 19, 2003 (PRIMEZONE) -- Education Management Corporation (Nasdaq:EDMC) today announced that John R. McKernan, Jr., currently EDMC's Vice Chairman, has been appointed President of the company. Mr. McKernan was appointed Vice Chairman of EDMC in 1999 and is a member of the company's board of directors. Prior to his service with EDMC, he served his native state of Maine for two terms in the U.S. Congress and two terms as Governor.
The company also reported that David J. Pauldine, currently President of The Art Institutes, has been appointed Executive Vice President of EDMC. Mr. Pauldine joined the company in 1990, and previously served as President of The Art Institute of Seattle, President of The Art Institute of Fort Lauderdale, and Senior Vice President of Marketing. The company's board of directors has also accepted the resignation of Robert P. Gioella. Mr. Gioella has served as EDMC's President and Chief Operating Officer and as a member of its board of directors since 1999 and will now become a consultant with the company.
Robert Knutson, EDMC's Chairman and Chief Executive Officer, commented, "I am extremely pleased to announce the selection of Jock McKernan as our new President. Given his breadth of experience, his energy and commitment to our company and the field of education, EDMC will greatly benefit from his leadership. Shortening lines of communication and simplifying the organization will allow us to take full advantage of our growth opportunities."
Knutson also noted, "Bob Gioella joined EDMC in 1993 and has been a highly valued member of the senior management team. We are grateful for his many contributions. We wish him the very best, and appreciate his willingness to serve as a consultant to the company."
Education Management Corporation (http://www.edumgt.com) is among the largest providers of private post-secondary education in North America, based on student enrollment and revenue, with approximately 44,000 students as of fall 2002 at 43 primary campus locations in 26 major cities. EDMC's Art Institutes (http://www.artinstitutes.edu) offer master's, bachelor's, associate's and non-degree programs in the areas of design, media arts, fashion and culinary arts. EDMC's Argosy Education Group provides graduate and undergraduate degree programs in various fields including psychology, education, business, law and the health sciences. EDMC has provided career-oriented education for 40 years, and its education institutions have more than 150,000 alumni. This press release may include information that could constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include those matters disclosed in the Company's Securities and Exchange Commission filings. Past results of EDMC are not necessarily indicative of its future results. EDMC does not undertake any obligation to update any forward-looking statements.