Corinthian Colleges Names New CEO

Corinthian Colleges Inc., which specializes in schools for healthcare professionals, named board member Jack Massimino as president and chief executive, effective immediately. The shares fell nearly 12%.

Massimino, 55, who has been on Corinthian’s board for six years, succeeds David Moore, the Santa Ana-based company said. Moore, 66, will remain chairman.

Massimino takes over as the company faces an investigation by the Securities and Exchange Commission into financial statements. The shares fell $2.15 to $16.50 on Nasdaq.