Corinthian Colleges (NASDAQ: COCO ) has appointed former U.S. Secretary of Defense Leon Panetta and former New Orleans Mayor Marc Morial to its board of directors.
Panetta, also a former director of the CIA, served on Corinthian's board from 2008-2009. This is the first time Morial, president and CEO of the National Urban League, has been on the board. In press releases Monday, Corinthian said both Panetta's and Morial's history in public service will aid the company's decision-making process.
Panetta brings his experience as a member of the Board of Trustees and a professor at Santa Clara University in California. He has worked in key presidential administration roles throughout the past two decades. From 2011 to 2013, Panetta served as U.S. Secretary of Defense. He was director of the CIA from 2009 to 2011. Before that, he was White House chief of staff and director of the Office of Management and Budget. Before that, Panetta served 16 years in the U.S. House of Representatives for California's 16th district.
Corinthian commended Morial's experience in educational and economic development -- especially for the African-American community. When he served as mayor of New Orleans from 1994 to 2002, he worked on those same issues for a broader community.
Both Panetta and Morial will serve a one-year term. Both are free to stand for election at the company's annual shareholder meeting in November.