ITT Educational Services (ESI) CFO to Retire; New Enrollment Down 16% in Q1

ITT Educational Services (NYSE: ESI) announced that Daniel M. Fitzpatrick notified the Company of his plan to retire from his positions of Executive Vice President and Chief Financial Officer of the Company. Following Mr. Fitzpatrick's notice, the Company entered into a letter agreement with Mr. Fitzpatrick on April 29, 2015, pursuant to which Mr. Fitzpatrick will remain in his current positions until October 29, 2015 (the "Transition Period"). The Company may extend the Transition Period by up to four months and may terminate it at any time upon notice to Mr. Fitzpatrick. In addition, during the Transition Period, the Company is permitted to change Mr. Fitzpatrick's role to that of Senior Advisor. It is expected that Mr. Fitzpatrick will become a consultant to the Company for a period of 18 months following the Transition Period. Mr. Fitzpatrick has served as the Company's Chief Financial Officer since 2005.

Kevin M. Modany, the Company's Chief Executive Officer, stated: "I would like to sincerely thank Dan on behalf of the entire organization for his remarkable dedication and commitment to the organization and for his strong work ethic. Dan's consistent and unwavering focus on the best interests of our students, employees and institution as a whole, above all else, has been inspiring to all of us who have worked with him over the past decade. While we will miss his material contributions to the organization, we wish him and his family well."

John E. Dean, the Executive Chairman of the Board, added: "On behalf of the entire Board, we thank Dan for his significant dedication and contributions to the Company during his 10 year tenure. Dan's tireless efforts on the Company's behalf are truly appreciated. We are also grateful for Dan's commitment to complete the significant projects on which he is currently working and to assist with the search for his replacement."

The Company also announced that, effective April 29, 2015, the Company's Board of Directors elected C. David Brown to serve as a director on the Company's Board of Directors. Mr. Brown, age 63, has been Chairman of Broad and Cassel, a law firm based in Florida, since March 2000. From 1989 until March 2000, he was Managing Partner of the Orlando office of the firm. Mr. Brown joined the firm in 1980. Mr. Brown is the immediate past Chairman of the Board of Trustees for the University of Florida. He is also a member of the board of directors of CVS Health Corporation, Rayonier Advanced Materials Inc., a leading specialty cellulose production company, and Orlando Health, a major health care provider serving Florida.

On behalf of the Board, Samuel L. Odle, the Chairman of the Nominating and Corporate Governance Committee, stated, "We are fortunate that Mr. Brown has agreed to serve on the Company's Board of Directors, and we look forward to working with him going forward."

In addition, the Company announced that on April 28, 2015, the Company and Mr. Modany entered into an amendment to the letter agreement between Mr. Modany and the Company dated August 4, 2014, pursuant to which the parties agreed to extend the time period during which Mr. Modany would remain as an employee of the Company to May 29, 2015.

The Company also reported the following select enrollment information for the three months ended March 31, 2015 and 2014:

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