The Apollo Group Names New CEO-First Since 2006 - PhoenixCEOCFO.com

The Apollo Group Names New CEO-First Since 2006

Phoenix-based Apollo Group announced that Charles Edelstein will be its new CEO as of August 26, 2008. Edelstein, 48, has more than 20 years of experience as a strategic and financial advisor with Credit Suisse, where he served as a Managing Director. He signed a four year agreement with a base salary of $600,000, a sign-on bonus of $200,000, targeted bonuses at lease equal to his base salary, stock options to purchase 1,000,000 shares with a strike price close to market price on his start date and an award of restricted stock that approximate the number of shares of Credit Suisse that he had forfeited to take this job.

Prior to Credit Suisse, Edelstein worked at Price Waterhouse for three years as an auditor and management consultant. He received a B.A. with highest distinction from the University of Illinois and an MBA from the Harvard Business School, where he graduated as a Baker Scholar with high distinction.

Apollo's former CEO Todd Nelson and former CFO Kenda Gonzales were both held liable for millions as a result of a judgment in a security fraud case against Apollo. Nelson resigned in January 2006. Brian Mueller became president of Apollo Group in January 2006 but was never given the title of CEO. Muller resigned in June 2008 and joined Grand Canyon University as their CEO. Muller was joined by two other executives from Apollo.

Apollo is the largest private university in the United States ranked by enrollment with annual revenues of $2 billion. The company's stock closed at $62 at the end of July 2008 which is near its 52 week high of $81.

John Laub is the Chairman of the Phoenix CEO-CFO Group.

1. "Apollo Group, Inc. Appoints Strategic and Financial Advisor Charles B. Edelstein as New Chief Executive Officer." Company Press Release. Business Wire. July 7, 2008.

2. "Apollo Names Charles Edelstein CEO." Reuters. July 7, 2008.

3. Form 8-K Filed July 7, 2008. The Apollo Group.

4. "Grand Canyon University Preps for IPO as Apollo Group Execs Join Team." Angela Gonzales. Phoenix Business Journal. June 25, 2008.