Former U.S. Secretary of Defense Leon Panetta has been named to the board of directors of Corinthian Colleges Inc. in Santa Ana.
It’s a return to the Corinthian boardroom for Panetta, who served as a director of the for-profit educator from 2008 to 2009.
Panetta, 74, recently ended his tenure as defense secretary in the Obama administration. He served as director of the Central Intelligence Agency from 2009 to 2011. The one-time U.S. congressman also served as chief of staff and director of the Office of Management and Budget under President Bill Clinton in the mid-1990s.
The announcement of Panetta’s appointment as a director came as Corinthian reported it missed estimates on revenue and net income for the March quarter. Shares of the company’s stock fell about 4% during midday trading.
The company had $400.2 million in revenue for the quarter ended March 31, down 2% from a year earlier. Analysts had expected $406.2 million.
—Jane Yu
