LINCOLN EDUCATIONAL SERVICES Business Summary

Lincoln Educational Services Corp (LINC) operates a tuition-based revenue model, generating income primarily through post-secondary vocational programs, student fees, and the sale of educational books and tools. The company’s operations are divided into two primary segments: Campus Operations, which encompasses its core network of technical institutes across the United States, and the Transitional segment, which manages campuses slated for closure or relocation. LINC specializes in high-demand career training within automotive technology, skilled trades, healthcare services, hospitality, and information technology. In the competitive landscape of for-profit education, LINC competes directly with Universal Technical Institute (UTI), Strategic Education (STRA), and American Public Education (APEI). As of early 2026, the company maintains a leading market position by focusing on specialized, hands-on technical training and expanding its footprint through new campus openings and employer-embedded partnerships with industrial leaders like Johnson Controls. Founded in 1946 by J. Warren Davies to provide vocational training for World War II veterans, the company is currently led by President and CEO Scott M. Shaw, a Wharton MBA and former partner at Stonington Partners with extensive private equity experience. The executive team includes Executive Vice President and CFO Brian K. Meyers, a CPA with over 25 years of financial management expertise, and COO Chad D. Nyce, who previously served as COO of Strayer University. In 2025, the company strengthened its technical leadership by appointing Neal Goldstein, formerly the CTO of Mutual of America, as Senior Vice President and CIO. The Board of Directors features notable figures such as Non-Executive Chairman John A. Bartholdson, co-founder of Juniper Investment Company, and James J. Burke Jr., founder of JJB Capital Partners. Other prominent board members include former U.S. Treasurer Anna Cabral and former UPS executive Carlton E. Rose, reflecting a leadership pedigree rooted in both high-level finance and industrial operations.