Contact Information: Contact: Karin Demler Investor Relations 615-263-3005 Louise Grant Media 615-263-3106
Corrections Corporation of America Announces Todd Mullenger to Succeed Irving Lingo as Chief Financial Officer
| Source: Corrections Corporation of America
NASHVILLE, TN -- (MARKET WIRE) -- March 1, 2007 -- 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 Todd
Mullenger, who currently serves as the Company's Vice President and
Treasurer, has been selected to succeed Irving Lingo as the Company's Chief
Financial Officer effective March 16, 2007. Lingo, who turns 55 later this
month, has decided to retire from the Company. He has agreed to remain
with the Company for a one-year period of time primarily to assist in the
transition and to provide other assistance as needed. David Garfinkle, who
currently serves as the Company's Controller and Chief Accounting Officer,
will continue in that capacity.
Commenting on the transition, John Ferguson, the Company's President and
Chief Executive Officer said, "On behalf of the Board of Directors and
management, we thank Irv for his contributions and service to our company
over the last six years and look forward to Todd's leadership of the
finance group. Among Irv's many accomplishments during his tenure at CCA,
first and foremost is his development of a great finance and accounting
team with the leadership and resources to continue his efforts. Irv was
also instrumental in rebuilding our capital structure, strengthening our
balance sheet and reducing our interest costs considerably. He has been an
effective communicator with our shareholders and has helped the Company
garner much broader investor interest. We are grateful for all of Irv's
efforts."
Ferguson continued, "Todd Mullenger has both the knowledge and the
financial expertise to succeed Irv ably. In his nearly nine years with
CCA, Todd has been exposed to all aspects of the organization and will thus
bring a wealth of institutional knowledge to the role. We look forward to
his leadership as Chief Financial Officer."
Lingo added, "My decision to leave CCA was not easy, as I believe the
Company has an outstanding future. There comes a time, however, when
personal interests need to be a priority, so I have decided that this would
be a good time to retire. Todd has worked closely with me for the last six
years on a variety of transactions and initiatives, and I have the utmost
confidence that he will be instrumental in taking the Company to the next
level."
Mullenger, 48, earned a bachelor's degree in finance from the University of
Iowa and an M.B.A. from Middle Tennessee State University. Prior to
joining the Company, Mullenger had other public company experience and
worked with a national accounting firm. Mullenger is a Certified Public
Accountant.
CCA said it would hold a conference call at 10:00 a.m. Eastern Time today
to discuss the transition and introduce Mr. Mullenger. The call-in number
to participate is 800-430-2053. In addition, a live audio webcast of the
call may be accessed on the Company's website, www.correctionscorp.com. A
replay of the call will be available on the Company's website and
telephonically by dialing 877-519-4471 and providing confirmation code
8503934. The replay will be available through March 8, 2007 by phone and
for 30 days on the Company's website.
About the Company
The Company is the nation's largest owner and operator of privatized
correctional and detention facilities and one of the largest prison
operators in the United States, behind only the federal government and
three states. The Company currently operates 64 facilities, including 40
company-owned facilities, with a total design capacity of approximately
72,000 beds in 19 states and the District of Columbia. The Company
specializes in owning, operating and managing prisons and other
correctional facilities and providing inmate residential and prisoner
transportation services for governmental agencies. In addition to
providing the fundamental residential services relating to inmates, the
Company's facilities offer a variety of rehabilitation and educational
programs, including basic education, religious services, life skills and
employment training and substance abuse treatment. These services are
intended to reduce recidivism and to prepare inmates for their successful
re-entry into society upon their release. The Company also provides health
care (including medical, dental and psychiatric services), food services
and work and recreational programs.
Forward-Looking Statements
This press release contains statements as to the Company's beliefs and
expectations of the outcome of future events that are forward-looking
statements as defined within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
subject to risks and uncertainties that could cause actual results to
differ materially from the statements made. These include, but are not
limited to, the risks and uncertainties associated with: (i) fluctuations
in the Company's operating results because of, among other things, changes
in occupancy levels, competition, increases in cost of operations,
fluctuations in interest rates and risks of operations; (ii) changes in the
privatization of the corrections and detention industry, the public
acceptance of the Company's services, the timing of the opening of and
demand for new prison facilities and the commencement of new management
contracts; (iii) the Company's ability to obtain and maintain correctional
facility management contracts, including as a result of sufficient
governmental appropriations and as a result of inmate disturbances; (iv)
increases in costs to construct or expand correctional facilities that
exceed original estimates, or the inability to complete such projects on
schedule as a result of various factors, many of which are beyond the
Company's control, such as weather, labor conditions and material
shortages, resulting in increased construction costs; and (v) general
economic and market conditions. Other factors that could cause operating
and financial results to differ are described in the filings made from time
to time by the Company with the Securities and Exchange Commission.
The Company takes no responsibility for updating the information contained
in this press release following the date hereof to reflect events or
circumstances occurring after the date hereof or the occurrence of
unanticipated events or for any changes or modifications made to this press
release or the information contained herein by any third-parties,
including, but not limited to, any wire or internet services.