Adtalem Global Education

Adtalem Global Education Inc.

Formerly|

* DeVry Inc.
* DeVry Education Group Inc.

Type| Public

Traded as

* NYSE: ATGE
* S&P 600 component

Industry| Education
Founded| 1973; 53 years ago (1973)
Headquarters| Chicago, Illinois, U.S.

Key people

| Stephen W. Beard (President and CEO)
Revenue| US$1.788 billion (FY 2025)

Net income

| US$237.1 million (FY 2025)
Total assets| US$2.752 billion (FY 2025)

Number of employees

| 10,000 (2025)
Website| adtalem.com
Footnotes / references
[1][2]

Adtalem Global Education Inc. is a US corporation based in Chicago, Illinois, that operates for-profit higher education institutions, including American University of the Caribbean School of Medicine, Chamberlain University, Ross University School of Medicine, Ross University School of Veterinary Medicine, and Walden University.[3] Before June 2018, the corporation was known as DeVry Inc. and DeVry Education Group Inc.

## Contents

* 1 History
* 2 Leadership
* 3 Controversies
* 4 References
* 5 External links

## History

DeVry Inc. was created in 1987 with the merger of DeVry Institute of Technology (DIT) and the Keller Graduate School of Management.[4] DIT was established in Chicago as the DeForest Training School in 1931 and was acquired by Bell & Howell in 1967. Keller was started by two DIT teachers in 1973; the company acquired DIT from Bell & Howell in 1987. DeVry Inc. went public in 1991,[5] moved to the New York Stock Exchange in 1995,[6] and became known as DeVry Education Group in 2013.[7] The company was previously based in Downers Grove, Illinois.[8]

In 2012, the company moved 150 jobs from its campus in Roscoe Village to a new office in Chicago's West Loop. The company had additional offices in Oak Brook, as of 2013.[9] In 2015, the company opened another office in the West Loop, after the city approved a $1 million subsidy for the company in the form of tax increment financing in 2012.[10]

In 2011, DeVry continued its international reach with the acquisition of ATC International (a subsidiary of Becker Professional Education), which provides professional finance and accounting training in Central and Eastern Europe as well as Central Asia; and American University of the Caribbean, a medical school located in St. Maarten.[11] In November 2013, DeVry Inc. was renamed DeVry Education Group.[12]

DeVry Education Group changed its name to Adtalem Global Education in June 2018.[13] In December 2018, Adtalem completed transferral of DeVry University and Keller Graduate School of Management properties to Cogswell Education LLC.[14] This was completed just days after the transfer of Carrington College to San Joaquin Valley College.[15]

In September 2020, Adtalem Global Education announced that it began the process of purchasing Walden University for US$1.48 billion in cash.[16] According to Higher Education Dive "Two investment firms, Engine Capital and Hawk Ridge Partners, wrote in an open letter...that they were "severely disappointed" with the board's decision to purchase Walden, calling the college a 'substantially inferior asset.'"[17]In August 2021, Adtalem Global Education Inc completed its acquisition of Walden University.[18]

In 2022, Adtalem sold the Association of Certified Anti-Money Laundering Specialists, Becker Professional Education and OnCourse Learning to Wendel Group and Colibri Group.[19]

## Leadership

Stephen Beard, who was previously Adtalem's chief operating officer,[20] became the chief executive officer (CEO) in 2021.[21] He was appointed the chair of the board of directors in November 2024, succeeding Michael W. Malafronte.[22] Beard was included in Time magazine's 2025 "Time100 Health" list of influential people in the healthcare industry,[23] which subsequently earned him a Congressional proclamation.[24]

Chris Begley was the board chair in 2016.[25] Daniel Hamburger and Lisa Wardell have previously held the CEO role.[26][27] Wardell was appointed in 2016.[28][29] She was the only Black woman to lead a Fortune 1000 company in 2018, according to Crain's Chicago Business.[30] Wardell was also the board chair in 2019. In 2021, an analysis by the University of Illinois Urbana-Champaign ranked Adtalem in the top five Illinois-based public firms for both gender and racial diversity on the board.[31]

## Controversies

For-profit higher education in the United States has been the subject of hearings by the United States Senate Committee on Health, Education, Labor, and Pensions. Specifically regarding DeVry, the Committee[32] found that over half of the students enrolled at DeVry in 2008-2009 withdrew by mid-2010.[33] As of 2015, DeVry spent more on marketing than on student instruction.[33]

As of 2013[update], DeVry Inc. was under investigation by the Attorneys General of the states of Illinois and Massachusetts.[34][35]

A lawsuit filed against DeVry alleged deceptive recruiting practices in violation of federal law.[36]

In January 2016, The Federal Trade Commission filed a lawsuit against DeVry Education Group alleging false or misleading advertising.[37][38] A class action lawsuit was also filed against DeVry Group in US District Court, Northern District of California claiming breaches of contract, good faith and fair dealing, violations of the California Unfair Trade Practices Act, the California False Advertising Act and the California Consumer Legal Remedies Act, and negligent misrepresentations. A confidential settlement was reached.[39]

In May 2016, a shareholder class action lawsuit was filed against DeVry Group, in the US District Court, Northern District of Illinois. The plaintiffs claimed that defendants made false or misleading statements regarding DeVry University's graduate employment rate and the earnings of DeVry University graduates relative to the graduates of other universities and colleges.[39] The case was settled in 2019 for $27.5 million.[40]

In December 2017, a former administrator filed a civil lawsuit number with the Los Angeles Superior Court, seeking relief for a number of causes of action including Retaliation and Wrongful Termination in Violation of Public Policy for complaining about an incentive-based compensation program that rewarded campus deans for recruiting and enrolling students.[41]

## References

1. ↑ "SPSM: SPDR® Portfolio S&P 600™ Small Cap ETF". https://www.ssga.com/us/en/institutional/etfs/funds/spdr-portfolio-sp-600-small-cap-etf-spsm.
2. ↑ "Adtalem Global Education Announces Exceptional Fiscal Year 2025 Results; Initiates Fiscal Year 2026 Guidance". https://investors.adtalem.com/press-releases/press-releases-details/2025/Adtalem-Global-Education-Announces-Exceptional-Fiscal-Year-2025-Results-Initiates-Fiscal-Year-2026-Guidance/default.aspx.
3. ↑ "Adtalem Global Education". https://www.adtalem.com/.
4. ↑ "About Us". DeVry Inc.. http://www.devryinc.com/about-us/history.jsp.
5. ↑ Strahler, Steven R. (December 5, 2017). "DeVry University's ownership changes". Crain's Chicago Business. https://www.chicagobusiness.com/article/20171205/NEWS13/171209938/devry-university-sold-to-cogswell-by-adtalem.
6. ↑ Murphy, H. Lee (December 2, 1995). "Expansion-Minded DeVry Set Sights on Debut in NY Market". Crain's Chicago Business. https://www.chicagobusiness.com/article/19951202/ISSUE01/10008259/expansion-minded-devry-sets-sights-on-debut-in-ny-market.
7. ↑ Yue, Lorene (November 6, 2013). "DeVry Inc. unveils new company name" (in en-US). Crain Communications. https://www.chicagobusiness.com/article/20131106/NEWS13/131109895/devry-inc-unveils-new-company-name.
8. ↑ "Parent of struggling DeVry University is changing its name to Adtalem". Tampa Bay Times. May 24, 2017. https://www.tampabay.com/news/business/corporate/parent-of-struggling-devry-university-is-changing-its-name-to-adtalem/2324986/.
9. ↑ "DeVry Inc. unveils new company name" (in en-US). 2013-11-06. https://www.chicagobusiness.com/article/20131106/NEWS13/131109895/devry-inc-unveils-new-company-name.
10. ↑ Sachdev, Ameet (June 15, 2018). "DeVry lays off 90, will close Chicago office". Chicago Tribune. https://www.chicagotribune.com/2015/07/14/devry-lays-off-90-will-close-chicago-office/.
11. ↑ "DeVry buys Caribbean medical school for $235M". Bloomberg Businessweek. August 4, 2011. http://www.businessweek.com/ap/financialnews/D9OTCQFO0.htm/.
12. ↑ "Subscription Center". 6 November 2013. http://www.chicagobusiness.com/article/20131106/NEWS13/131109895/devry-inc-unveils-new-company-name.
13. ↑ Marotti, Ally (June 4, 2018). "Parent company of DeVry University changes its name" (in en-US). https://www.chicagotribune.com/2017/05/24/parent-company-of-devry-university-changes-its-name/.
14. ↑ Ernie Gibble (December 11, 2018). "Adtalem Global Education Completes Divestitures of DeVry University and Carrington College". Business Wire. https://www.businesswire.com/news/home/20181211005999/en/.
15. ↑ "Press Release Adtalem Global Education Completes Divestitures of DeVry University and Carrington College". Market Watch. December 12, 2018. https://www.marketwatch.com/press-release/adtalem-global-education-completes-divestitures-of-devry-university-and-carrington-college-2018-12-11.
16. ↑ "Adtalem to Acquire Walden University From Laureate Education, Creating a National Leader in Healthcare Education" (in en). 2020-09-11. https://www.businesswire.com/news/home/20200911005273/en/Adtalem-Acquire-Walden-University-Laureate-Education-Creating.
17. ↑ Schwartz, Natalie. "Activist investors urge Adtalem to pull plug on Walden U purchase". Higher Ed Dive. https://www.highereddive.com/news/activist-investors-urge-adtalem-to-pull-plug-on-walden-u-purchase/593775/.
18. ↑ "Adtalem Completes Acquisition of Walden University" (Press release). 12 August 2021.
19. ↑ "Adtalem Global Education Announces Definitive Agreement to Divest Financial Services Segment". 2 February 2023. https://www.adtalem.com/newsroom/press-releases/adtalem-global-education-announces-definitive-agreement-to-divest-financial-services-settlement.
20. ↑ Bertagnoli, Lisa (July 16, 2021). "Diversity starts in the boardroom" (in en-US). https://www.chicagobusiness.com/equity/chicago-firms-need-diversify-their-boards.
21. ↑ Cherney, Elyssa (August 13, 2021). "The former DeVry switches CEOs mid-makeover" (in en-US). https://www.chicagobusiness.com/education/profit-adtalem-doubles-down-health-care-will-ceo-change-spook-investors.
22. ↑ Asplund, Jon (November 19, 2024). "Adtalem president and CEO adds chairman to his titles" (in en-US). https://www.chicagobusiness.com/education/adtalem-ceo-and-president-steve-beard-becomes-chairman.
23. ↑ Fuchs, Matt (May 8, 2025). "Steve Beard: Diversifying medicine". Time. https://time.com/collections/time100-health-2025/7279601/steve-beard/.
24. ↑ "Congressional Record — Extensions of Remarks: Honoring Steve Beard in Recognition of Being a 2025 Time100 Health Honoree". United States Congress. June 5, 2025. https://www.congress.gov/119/crec/2025/06/05/171/96/CREC-2025-06-05-pt1-PgE530.pdf.
25. ↑ Douglas-Gabriel, Danielle (May 24, 2016). "For-profit college company DeVry Education Group replaces CEO". The Washington Post. https://www.washingtonpost.com/news/grade-point/wp/2016/05/24/for-profit-college-company-devry-education-group-replaces-ceo/.
26. ↑ "Parent of struggling DeVry University is changing its name to Adtalem". Tampa Bay Times. May 24, 2017. https://www.tampabay.com/news/business/corporate/parent-of-struggling-devry-university-is-changing-its-name-to-adtalem/2324986/.
27. ↑ Yue, Lorene (November 6, 2013). "DeVry Inc. unveils new company name" (in en-US). Crain Communications. https://www.chicagobusiness.com/article/20131106/NEWS13/131109895/devry-inc-unveils-new-company-name.
28. ↑ Janssen, Kim. "DeVry Education Group CEO out after federal lawsuit". Chicago Tribune. https://www.chicagotribune.com/2016/05/24/devry-education-group-ceo-out-after-federal-lawsuit/.
29. ↑ Fain, Paul (May 24, 2016). "DeVry CEO Replaced by Board Member". Inside Higher Ed. https://www.insidehighered.com/quicktakes/2016/05/25/devry-ceo-replaced-board-member.
30. ↑ Bianchi, Laura (October 25, 2018). "Meet the only black woman leading a Fortune 1000 company". Crain's Chicago Business. https://www.chicagobusiness.com/education/meet-only-black-woman-leading-fortune-1000-company.
31. ↑ "Diversity starts in the boardroom" (in en-US). 2021-07-16. https://www.chicagobusiness.com/equity/chicago-firms-need-diversify-their-boards.
32. ↑ "US Senate Committee on Health, Education, Labor, & Pensions". http://www.help.senate.gov/.
33. ↑ 33.0 33.1 "DeVry, Inc. : Introduction". Help.senate.gov. http://www.help.senate.gov/imo/media/for_profit_report/PartII/DeVry.pdf.
34. ↑ "Illinois, Massachusetts issue subpoenas to DeVry". 16 April 2013. https://www.chicagotribune.com/2013/04/16/illinois-massachusetts-issue-subpoenas-to-devry/.
35. ↑ "DeVry Faces Investigations From Attorneys General in 2 States – The Ticker - Blogs - The Chronicle of Higher Education". 15 April 2013. http://chronicle.com/blogs/ticker/devry-faces-investigations-from-attorneys-general-in-2-states.
36. ↑ "DeVry University Hit With Lawsuit Alleging Officials Would 'Bribe' Students, Violate Federal Regulations". The Huffington Post. 29 January 2013. http://www.huffingtonpost.com/2013/01/29/devry-university-lawsuit_n_2573708.html.
37. ↑ "FTC Brings Enforcement Action Against DeVry University". Federal Trade Commission Press Release. 27 January 2016. https://www.ftc.gov/news-events/press-releases/2016/01/ftc-brings-enforcement-action-against-devry-university.
38. ↑ "FEDERAL TRADE COMMISSION, Plaintiff, v. DEVRY EDUCATION GROUP INC.". https://www.ftc.gov/system/files/documents/cases/160127devrycmpt.pdf.
39. ↑ 39.0 39.1 "United States Securities and Exchange Commission Form 10-K For the fiscal year ended: June 30, 2016: DeVry Education Group Inc.". https://www.sec.gov/Archives/edgar/data/730464/000114420416121173/v446933_10k.htm.
40. ↑ "Judge gives nod to $28M deal to settle investor suit vs DeVry Education Group over grad job rate claims; Lawyers to get $7M". https://cookcountyrecord.com/stories/513461073-judge-gives-nod-to-28m-deal-to-settle-investor-suit-vs-devry-education-group-over-grad-job-rate-claims-lawyers-to-get-7m.
41. ↑ "Catrin Hechl v. DeVry University, Inc (2:18-cv-00931)". https://www.courtlistener.com/docket/6311217/catrin-hechl-v-devry-university-inc/.

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