Aspen Group, Inc. Announces Departure of Chief Financial Officer

Rhea-AI Summary

Aspen Group, Inc. (Nasdaq: ASPU) announced the amicable departure of Chief Financial Officer Frank J. Cotroneo, effective February 26, 2021. The company is conducting an executive search for a new CFO, with Chief Accounting Officer Robert Alessi temporarily taking over the responsibilities. CEO Michael Mathews praised Cotroneo for his contributions in building a strong finance team and improving financial processes. Aspen Group focuses on making college affordable through its universities, Aspen University and United States University.

Positive

• Strong finance team developed under Cotroneo's leadership.
• Improvements made to financial processes and infrastructure.

Negative

• Departure of CFO creates potential uncertainty in financial leadership during the interim period.

NEW YORK, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Aspen Group, Inc. (“Aspen Group” or “AGI”) (Nasdaq: ASPU), an education technology holding company, today announced that Mr. Frank J. Cotroneo, Chief Financial Officer, is leaving the Company on amicable terms for personal reasons. His departure will be effective February 26, 2021.

The Company has commenced an executive search for a new chief financial officer, with the assistance of an executive search firm. In the interim, Mr. Robert Alessi, Chief Accounting Officer, with oversight from Mr. Michael Mathews, Chief Executive Officer, will perform the chief financial officer’s duties. Mr. Alessi will draw upon the depth and breadth of the enhanced financial team that the Company has built.

Mathews stated, "On behalf of the board of directors and the executive team, I want to thank Frank for his hard work and his contribution to Aspen Group. The Company has benefited from Frank building an outstanding finance and accounting team and upgrading the company's financial processes and infrastructure. We wish Frank all the best." 

Cotroneo added, "I'm grateful for my time at Aspen Group and the opportunity to work with Mike again. I wish Mike and his team continued success."

About Aspen Group, Inc.:

Aspen Group, Inc. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again. For more information, visit www.aspu.com.

Investor Relations Contact:

Kimberly Rogers
Hayden IR
(385) 831-7337
Kim@HaydenIR.com
ircontact@aspen.edu

FAQ

What is the reason for Frank J. Cotroneo's departure from Aspen Group (ASPU)?

Frank J. Cotroneo left Aspen Group amicably for personal reasons.

Who will take over the CFO duties at Aspen Group after Cotroneo's departure?

Robert Alessi, the Chief Accounting Officer, will temporarily perform the CFO duties.

When did Frank J. Cotroneo leave Aspen Group (ASPU)?

Frank J. Cotroneo's departure was effective February 26, 2021.

What impact might Cotroneo's departure have on Aspen Group (ASPU)?

His departure may create uncertainty in financial leadership during the transition period.