ITT Educational Services Inc. announced that Kevin M. Modany notified the Board of Directors of the company that he intended to resign as Chief Executive Officer of the company, effective February 4, 2015. Following Mr. Modany's notice to the Board, the company entered into a letter agreement with Mr. Modany on August 4, 2014, pursuant to which Mr. Modany will remain Chief Executive Officer for a period ending on February 4, 2015 (the applicable period). The company may extend the applicable period by up to three months and may terminate it at any time upon notice to Mr. Modany.

In addition, during the applicable period, the company is permitted to change Mr. Modany's role to that of Senior Advisor. Under the terms of the letter agreement, Mr. Modany will resign his position as Chief Executive Officer of the company on the last day of the applicable period. In addition, Mr. Modany resigned as a director and Chairman of the Board, effective August 4, 2014.

John E. Dean, who has served as a member of the Board since 1994, was appointed Executive Chairman of the Board. Mr. Dean is an attorney who has specialized in higher education law since April 1985. Mr. Dean has been a partner at the Law Offices of John E. Dean since June 2005.

Mr. Dean has also served as a principal of Washington Partners, LLC. On August 4, 2014, the company also announced that Eugene W. Feichtner has been promoted to the office of President and Chief Operating Officer of the company. Mr. Feichtner has over 35 years of experience with the company, serving most recently as Executive Vice President and President, ITT Technical Institute Division of the company from April 2009 through July 2014.