APOL: We Don’t Know What to Make of Apollo’s Board Resignations
Mid Cap Watch List (Track at Marketocracy) and Large Cap Watch List (Track at Marketocracy) member Apollo Group (APOL) announced that two of its board members will be resigning as soon as the company catches up on its regulatory filings.
Apollo Group, Inc. (Nasdaq:APOL) today announced the resignations of Hedy Govenar and John Blair from its Board of Directors, effective immediately after the Company files its delinquent financial reports, which are expected no later than May 25, 2007.After such reports are filed, Ms. Govenar and Mr. Blair will serve on the Board of Directors for University of Phoenix and Western International University, respectively, both wholly-owned subsidiaries of Apollo Group.
“Hedy Govenar and John Blair have been critical assets to Apollo Group, and we value their long-term dedication to the Company,” said Brian Mueller, President of Apollo Group. “We look forward to continuing to work with them in their new roles and will appreciate their contributions to our subsidiaries.”
Ms. Govenar has been a director of the Company since 1997, and Mr. Blair has served as director of the Company since 2000.
Neither Ms. Govenar nor Mr. Blair advised the Company of any disagreement with the Company on any matter relating to its operations, policies or practices. “We expect,” said Mr. Mueller, “that upon completion of the filing of our financial reports we will soon be able to complete our due diligence work on the various candidates for replacement of these Board members.”
We aren’t sure what to make of this one. We are always somewhat skeptical of board or executive departures. In this case it is somewhat complicated by the fact that there are two members resigning (which we don’t like) but they will both be staying on, albeit in apparently diminished roles.
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