DeVry Education Group appoints new board director
DOWNERS GROVE - DeVry Education Group has appointed Michael W. Malafronte, managing partner of International Value Advisers, LLC and president of the IVA Funds, to its board of directors.
IVA currently owns 19.5 percent of the shares outstanding at DeVry Group. Malafronte is responsible for overseeing all aspects of IVA, including company strategy and managing resources. Prior to founding IVA, Michael spent more than 10 years serving in portfolio management and other investment-related roles and responsibilities at Arnhold and S. Bleichroeder Advisers and Oppenheimer & Close.
"We are pleased to bring new and fresh perspectives from the investment community to our boardroom with the addition of Mr. Malafronte," said Chris Begley, chairman of DeVry Education Group. "We look forward to Michael's contributions as we continue to position our organization for long-term success."
Malafronte was appointed to the Board in connection with an agreement that contains standstill and voting provisions, which are subject to certain exceptions. The full agreement has been filed in a Form 8-K with the Securities and Exchange Commission.