- Push-out Score determined
- After around 15 years in the position
- Praise and thanks for Boston
- Angie Selden taking over
- Boston said 66 words
(exechange) — Charles Town, West Virginia, August 22, 2019 — Wally Boston, chief executive of American Public Education, leaves. As announced by American Public Education Inc. in a news release and in a regulatory filing published on Thursday, August 22, 2019, Wallace E. (Wally) Boston leaves his post as Chief Executive Officer at the parent company of online learning provider American Public University System (APUS) and campus-based Hondros College of Nursing (HCN) after around 15 years in the role, effective September 23, 2019.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.3 years, according to data compiled by exechange. On an accumulated basis, around 9% of the CEOs who announced their departure over the past 12 months left their posts after more than 15 years.
Wally Boston’s duties as CEO will be taken over by Angela (Angie) Selden, currently Chief Executive Officer of DIGARC, LLC.
The fact that Wally Boston’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“We completed an extensive CEO search”
Wally Boston’s departure from the CEO post is explained as follows. Major General (Retired) Barbara G. Fast, chair of the APEI board of directors, said: “We completed an extensive CEO search to identify the right leader for our future, consistent with our stated objective of separating the roles of APEI CEO and APUS President.”
Precise information regarding Wally Boston’s future plans was not immediately available.
American Public Education said: “Dr. Wallace Boston, currently President of APUS and Chief Executive Officer of APEI, will continue to serve as President of APUS until his expected retirement in June 2020.”
Share price decline
The announcement follows a decline in American Public Education, Inc.’s share price of 40% since June 2018.
In the position of CEO since 2004
Wally Boston became CEO of the Company in June 2004.
Boston joined the Company in September 2002 as Executive Vice President and Chief Financial Officer of American Public University System (“APUS”) and since June 2004 has served as President and Chief Executive Officer and a member of the Board of Directors of APEI.
Since October 2017, Boston has also served as President of APUS.
Boston previously served as President and Chief Executive Officer of APUS from June 2004 to July 2016.
From August 2001 to April 2002, Boston served as Chief Financial Officer of Sun Healthcare Group.
From July 1998 to May 2001, Boston served as Chief Operating Officer and, later, President of NeighborCare, Inc.
From February 1993 to May 1998, Boston served as Vice President of Finance and later, Senior Vice President of Acquisitions and Development of Manor Healthcare Corporation (now HCR ManorCare).
From November 1985 to December 1992, Boston served as Chief Financial Officer of Meridian Healthcare.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to American Public Education and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 34.2019 ($).