Corinthian Colleges Inc. said Tuesday its president and chief operating officer plans to resign from the company effective Oct. 31 after nearly two years with the for-profit education company.
Shares fell 45 cents, or 7.1 percent, to $5.88 in midday trading following the announcement.
The company said Matt Ouimet is leaving to pursue other opportunities. He joined the company in January 2009.
"The decision to resign has not been an easy one, but for personal reasons I have chosen to pursue other opportunities," Ouimet said in a statement.
The company said it has no immediate plans to fill his post.