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| Corrections Corp. Announces Damon Hininger |
| By sys-con.com |
| Published: 08/17/2009 |
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(Marketwire) -- 08/17/09 -- Corrections Corporation of America (NYSE: CXW) (the "Company" or "CCA"), the nation's largest provider of corrections management services to government agencies, announced today that John Ferguson, the Company's Chairman and Chief Executive Officer will retire as CEO effective October 15, 2009. Damon Hininger, who currently serves as the Company's President and Chief Operating Officer, has been named to succeed Mr. Ferguson as Chief Executive Officer and will also serve as a director. Mr. Ferguson will remain as Chairman of the Company's Board of Directors and as an active participant during the transition and in his responsibilities with the Board of Directors. "On behalf of the Board of Directors and management, I would like to thank John for his invaluable service and leadership to our company over the last nine years. John successfully led a turnaround of CCA, instituting dramatic change in the Company's business structure and returning CCA to profitability," said William Andrews, Chairman of the Executive Committee of CCA's Board of Directors. "John has helped to establish a strong business model that continues to successfully serve our customers, stockholders and employees. We look forward to his continued work and leadership as Chairman of the Company's Board of Directors." Commenting on the transition, John Ferguson, CCA's Chairman of the Board stated, "First let me express my gratitude to the Board and the shareholders of CCA for allowing me to serve as President and CEO, and to continue as Chairman of the Board. I look forward to working with the other Board members to continue to build a strong and dynamic Board of Directors that is committed to CCA's mission and vision. While at CCA I faced many opportunities and challenges, but I always found it fulfilling and rewarding. Although I will continue to be involved with CCA's Board and expect to remain quite active during the transition, I look forward to the next chapter of my life." Mr. Ferguson added, "I would also like to congratulate Damon on his achievement. Having started with CCA 17 years ago, Damon intimately knows every aspect of CCA's business and is well equipped to build on CCA's strategy and successfully lead CCA into the future. Damon epitomizes our active approach to professional staff development and I am proud of his accomplishments." Read More. |
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