Zovio Inc. - Governance

The Board of Directors of Zovio (the "Company") sets high standards for the Company's employees, officers and directors. Implicit in this philosophy is the importance of sound corporate governance. It is the duty of the Board of Directors to serve as a prudent fiduciary for stockholders and to oversee the management of the Company's business. To fulfill its responsibilities and to discharge its duty, the Board of Directors follows the procedures and standards that are set forth in the committee charters and governance documents set forth below. These documents below are subject to modification from time to time as the Board of Directors deems appropriate in the best interests of the Company or as required by applicable laws and regulations.

Executive Management

Randy Hendricks, Chief Executive Officer

Randy Hendricks is the Chief Executive Officer of Zovio and serves on the Company’s Board of Directors. He has over 30 years of executive experience and a proven track record leading enterprise-wide transformation through focused execution, in challenging and highly competitive market segments with companies looking to re-establish growth.

Hendricks brings a global perspective and a keen knowledge of different markets and cultures, through previous operating roles when based in London, Tokyo, and Madrid. His experience includes over 20 years working with clients in higher education institutions assisting them to advance their academic and research missions.

Prior to joining Zovio, Randy was a Senior Executive at the Huron Consulting Group. Before joining Huron, Randy served as President of Education & Government at Workday. Randy held multiple senior leadership roles in IBM’s Global Business Services unit, both in the U.S. and internationally. He also serves as a board member for several technology companies.

Randy holds a Bachelor of Science in Industrial Administration with a minor in Computer Science from Iowa State University. He obtained his CPA after taking advanced accounting courses at the University of Illinois.

Kevin Royal, Executive Vice President
Chief Financial Officer

Kevin Royal, EVP and Chief Financial Officer, is a certified public accountant who has held previous roles as chief financial officer for Maxwell Technologies, Inc.; Blue Coat Systems, Inc.; and Novellus Systems, Inc., three high-growth technology organizations. Kevin has helped these organizations grow both organically and through successful acquisitions.

Kevin joined Zovio as Chief Financial Officer in 2015 and oversees and facilitates the company’s financial operations. Kevin earned his BBA in Accounting from Harding University.

John Semel, Executive Vice President
Chief Strategy Officer

John Semel, EVP and Chief Strategy Officer, is responsible for planning and executing the company’s merger and acquisitions (M&A) strategy.

Prior to joining Zovio in 2019, John served as the head of strategy and M&A for Apollo-backed Mood Media and John Wiley and Sons, where he ran strategic planning and architected their online learning Solutions business, acquiring six companies, including Deltak, during his eight years at Wiley. Over his career, he has held senior strategy and principal investment roles for MTV Networks, The Hearst Corporation, Everger Investment Associates, and PRIMEDIA. He began his career at JP Morgan and Company as an analyst and then associate in Equity Capital Markets and Syndicate before moving on to High Yield Capital Markets and Syndicate.

He holds a BA in Greek and Latin from Brown University and an MBA from Harvard Business School.

Matt Mitchell, Senior Vice President
General Counsel and Secretary

Matt Mitchell, Senior Vice President, General Counsel and Secretary, joined Zovio in 2012 and oversees all legal and compliance matters for the company.

Prior to joining the Zovio team, Matt spent six years with a multi-billion dollar education company where he managed all litigation and employment law matters. Matt also practiced law at Snell & Wilmer’s Phoenix, Arizona office for six years as a member of the employment law group.

Matt earned his B.S. from UCLA where he was a U.C. Regents Scholar. He holds his JD from Boston University, where he was a member of the Law Review and graduated Magna Cum Laude. He has been a member of the California Bar since 1998 and the Arizona Bar since 2000.

Board of Directors

Teresa Carroll

Teresa S. Carroll has served as a director of our company since March 2018. Ms. Carroll is a former President for Kelly Services, Inc. and Oasis, a Paychex Company. She is also a board member for Bayada, a home healthcare company and ProUnlimited, a contingent workforce management company. Ms. Carroll earned a B.S. from the G.M.I. Engineering and Management Institute (now Kettering) and an M.B.A. from the University of Michigan.

Michael P. Cole

Michael P. Cole has served as a director of our company since January 2020. Mr. Cole currently serves as Chief Executive Officer of SevenSaoi Capital (pronounced “7C”), an investment management since March 2016, and Chief Financial Officer of eMed LLC, a digital healthcare company since December 2021. Previously, Mr. Cole served as President of MAEVA Group, a turnaround-oriented merchant bank and was also with Madison Dearborn Partners, a Chicago-based private equity firm that manages $23 billion in equity capital, for nearly 17 years, retiring as Managing Director. Mr. Cole does not currently serve on any other public boards, but has previously served on the boards of Univision Communications, Inc., Merge Healthcare Inc., MetroPCS Communications and The Topps Company, among others. Mr. Cole also worked in a senior-level role on Madison Dearborn’s investments in technology-enabled service companies such as Intelsat, Ltd. and X.M. Satellite Radio. Mr. Cole received his A.B. degree from Harvard College.

Randy Hendricks

Michael Horn

Michael B. Horn has served as a director of our company since August 2017. Mr. Horn currently serves as the owner of Horn-Ed LLC, serving as Board Member, advisor, and consultant to a portfolio of education companies. Mr. Horn has also been a Venture Partner for Nextgen Venture Partners since 2017. Mr. Horn served as the Chief Strategy Officer and Senior Partner at The Entangled Group and Entangled Solutions from October 2015 to May 2020, and as Co-Founder, Distinguished Fellow, and Board Member of Clayton Christensen Institute for Disruptive Innovation since October 2015. The Entangled Group was acquired in May 2020 by Guild Education, where Mr. Horn now serves as a senior strategist. Previously, Mr. Horn served as Co-Founder and Executive Director, Education, of the Clayton Christensen Institute for Disruptive Innovation from 2007 through October 2015. Mr. Horn earned a B.A. in History from Yale University and an M.B.A. from Harvard Business School.

Ron Huberman

Ron Huberman has served as a director of our company since March 2021. Mr. Huberman currently serves as the CEO of Benchmark Analytics, a provider of enterprise human capital management software and learning management systems. Before this role, he was a Senior Advisor for PeopleAdmin, a human capital software company, and the Founder and Executive Board Chair for TeacherMatch, a provider of online predictive hiring tools for the K-12 market. Mr. Huberman has also held executive roles at Prairie Capital, within Chicago Public Schools, Chicago Transit Authority, Chicago Office of the Mayor, and the Chicago Police Department. Mr. Huberman earned his B.A. from the University of Wisconsin and both his M.A. and M.B.A. from the University of Chicago.

John Kiely

John Kiely has served as director of our company since July 2019. Mr. Kiely currently serves as a director for Amneal Pharmaceutical and Covis Group Pharmaceutical. Mr. Kiely retired from PricewaterhouseCoopers L.L.P. in 2019. During his 39-year career, he had significant leadership roles, including Assurance Chief Quality Officer, Assurance Leader of the Private Equity Sector, and Leader of the U.S Pharmaceutical Industry. Additionally, he has extensive experience working with Fortune 500 companies and Private Equity portfolio companies. Mr. Kiely earned a B.A. from St Francis University (Pa) and is a certified public accountant.

Kirsten Marriner

Kirsten M. Marriner has served as a director of our company since March 2018. She is the Executive Vice President - Chief People & Corporate Affairs Officer of the Clorox Company, a position she has held since March 2016. Prior to joining the Clorox Company, she served as Senior Vice President and Chief Human Resources Officer at Omnicare from 2013 to 2015. She served in various leadership roles, including as Senior Vice President, Director of Talent Management and Development at Fifth Third Bank, from 2004 to 2013. She has held H.R. leadership roles at KeyCorp and worked in the human capital consulting practices at Deloitte and KPMG. Ms. Marriner earned a B.S. from John Carroll University and an M.B.A. from Cleveland State University. Ms. Marriner brings to the Board her executive leadership experience with Fortune 500 companies across various industries and expertise on culture, talent and succession, and ESG leadership.

George Pernsteiner

George Pernsteiner currently serves as the Chairman of the Board of Directors and has served as a director of our company since August 2017. Recently, he served as President of the State Higher Education Executive Officers Association, which represents chancellors and commissioners of higher education from every state, from September 2013 until August 2017. Previously, Mr. Pernsteiner also served as Chancellor of the Oregon University System from July 2004 through May 2013. Mr. Pernsteiner has a BA in Political Science from Seattle University and an MPA from the University of Washington in Public Administration.

John S. Wilson, Jr.

Dr. John S. Wilson, Jr. has served as a director of our company since March 2021. He is a visiting scholar at the Harvard Business School, and is currently on leave from the Board of Overseers of Harvard University. Previously he served as the President in Residence at the Harvard Graduate School of Education and President of Morehouse College. Additionally, Dr. Wilson served as the Executive Director of the White House initiative on Historically Black Colleges and Universities (HBCUs) from 2009 to 2013. Dr. Wilson earned his B.A. from Morehouse College. He earned a M.A. in Education, a M.T.S. and a Doctorate in Education from Harvard University.

Committee Composition

George Pernsteiner currently serves as the Chairman of the Board of Directors. Below is a summary of our committee structure and membership information. To read more about any of the committees, click on committee names in the chart below.