Princeton Review Inc. (REVU:US), which prepares students for college-admissions tests, said chairman Howard Tullman resigned and will be replaced by John Katzman, the company's chief executive officer.
Tullman, 62, left to head a Chicago school that will open in September, company spokeswoman Harriet Brand said in an interview. He had been chairman since November, when he replaced Katzman, 47, who had headed the board since 1981, the New York- based company said in a statement sent on PRNewswire. The changes were effective immediately.
Tullman's resignation is unrelated to the company's recent earnings restatements, Brand said. In March, the company finished restating earnings from the second quarter of 2004 to the third quarter of 2006, Frank Thoelen, director of financial operations, said in an interview. Andrew Bonanni resigned as chief financial officer in January.
The Nasdaq Stock Market, which had been considering delisting the company, told the Princeton Review in March that it wouldn't do so, Thoelen said.
Clyde Williams, a former aide to U.S. President Bill Clinton, has been elected as a new independent director, according to the statement. Williams, 45, has been president of business-development firm Certus Advisors since March 2005.
Shares fell 18 cents to $5.64 as of 4 p.m. in Nasdaq composite trading.
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