Apollo Group Inc. Announces Appointment of Todd Nelson to Chairman and Additional $500 Million for Stock Repurchase.PHOENIX -- Apollo Group Inc. (Nasdaq: APOL APOL Asia Pacific Online APOL Alternate Person on Line , UOPX UOPX University of Phoenix ) today announced that President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Todd S. Nelson has been named chairman of the board. The board of directors also authorized a program allocating up to $500 million in company funds to repurchase shares of Apollo Education Group Class A common stock and University of Phoenix Online common stock. Nelson has served as CEO of Apollo since August 2001 and as president since February 1998. In addition to serving on Apollo's board of directors, Nelson is a member of the University of Phoenix board of directors and has served as a key member of Apollo's management team for over 17 years. Nelson assumes the chairman's position from Dr. John G. Sperling, who has been chairman since founding Apollo Group Inc. Sperling, who is 83 years old, has resigned as chairman in the interest of succession planning. He will continue his involvement with Apollo Group Inc. as a director. "Todd Nelson has provided very strong leadership to Apollo Group for many years," said Sperling. "His experience and skill in managing the company has become a great asset." Apollo Group Inc. has been providing higher education programs to working adults for over 25 years. Apollo Group Inc. operates through its subsidiaries The University of Phoenix Inc., Institute for Professional Development, The College for Financial Planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against Institutes Corp., and Western International University Inc. The consolidated enrollment in its educational programs makes it the largest private institution of higher education in the United States Higher education in the United States refers to colleges and universities within the United States. Overview The American university system, like the American educational system in general, is highly decentralized because the U.S. . It offers educational programs and services at 78 campuses and 133 learning centers in 38 states, Puerto Rico and Vancouver, British Columbia. Combined degree enrollment was 239,300 students as of May 31, 2004. For more information about Apollo Group Inc. and its subsidiaries, call 800-990-APOL or visit Apollo on the company Web site at: www.apollogrp.edu. This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. This information may involve risk and uncertainties that could cause actual results to differ materially from the forward-looking statements. |
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