Adtalem Global Education : Annual Report - 2021
ATGE
Notice of Annual Meeting of Shareholders,
2021 Proxy Statement and
2021 Annual Report
About Us
#WEAREADTALEM
Adtalem Global Education is a workforce solutions provider and the parent organization of American University of the Caribbean School of Medicine, Association of Certified Anti-Money Laundering Specialists, Becker Professional Education, Chamberlain University, EduPristine, OnCourse Learning, Ross University School of Medicine, Ross University School of Veterinary Medicine, and Walden University.
STUDENT FOCUSED
Empowering individuals is the meaning behind our name - Adtalem Global Education. Adtalem (pronunciation: ad TAL em) is Latin for "To Empower."
MISSION
VISION
PURPOSE
We provide global
To create a dynamic global
We empower students,
access to knowledge
community of life-long learners
members and colleagues to
that transforms lives and
who improve the world.
achieve their goals, find success,
enables careers.
and make inspiring contributions
to our global community.
WE ARE
9
institutions and companies
WITH A PRESENCE IN
209
territories and countries*
As of September 1, 2021.
MORE THAN
10,000
employees
WITH
27
operating campuses
Message from our Executive Chairman of the Board
October 8, 2021
To Our Shareholders:
Fiscal year 2021 was a year of significant progress and impact as we strengthened our position as a leading workforce solutions provider and healthcare educator. It is clear from our solid performance, robust educational offerings and partnerships, that our ability to truly make a difference in the lives of our students, add value for our employer partners and positively impact the communities we serve - remains strong and in demand.
All of this is possible because of our dedicated colleagues around the world. When the world sheltered from the pandemic, our organizational instincts - resiliency, responsiveness and change agility - carried us forward in an unwavering pursuit of our mission. These key cultural qualities enable us to thrive amidst ongoing changes in the world.
Despite lingering headwinds from COVID-19, our performance for the full year was in line with our outlook. Our medical and healthcare institutions performed well, as student outcomes continue to drive demand for our programs, and our financial services businesses continued to capitalize on our leading market positions and previous investments to drive operating performance.
Most notably, just after the close of the fiscal year, we finalized our acquisition of Walden University, which represented the culmination of a multi-year strategy to reposition the business as a leading healthcare education provider with unmatched scale and breadth. After several years of streamlining our portfolio through the divestiture of non-core assets, the Walden acquisition further positions Adtalem as a more strategically focused business with a greater emphasis on the rapidly growing healthcare sector.
As the need for more physicians and nurses continues to rise and improving health equity remains a global priority, Adtalem is uniquely positioned to scale sustainable workforce solutions. By engaging and supporting students from historically underrepresented groups and offering learning modalities that meet learners wherever they may be in life, our organization is well equipped to meet the challenges and demands for these critical workforce sectors - and with industry-leading results.
Proudly, across our two medical institutions, we graduated more than 1,000 physicians; first-time residency match rates were 92% for first-time eligible 2020-2021 graduates; more than 70% of our 2019-2020 medical graduates chose to enter critical roles in primary care across all 50 U.S. states and Puerto Rico; and Chamberlain's first-time NCLEX pass rates were over 91%. These outcomes demonstrate that our dedication has paid off, and we remain committed to building a pipeline of highly qualified talent to solve complex issues in the healthcare industry.
In 2021, 84% of the total student population in our five degree-conferring institutions identified as female and 48% as a minority. Adtalem's medical institutions graduate more than 100 Black/African American medical students annually, more than any other U.S. medical school. This level of diversity is imperative to the workforce pipeline and to our ability to increase health equity across the communities we serve.
At Chamberlain, we expanded our physical footprint with a new campus in Irwindale, California and built robust employer partnerships to make education more accessible for all. Chamberlain University launched an innovative Called-to-Care Scholars Program with LCMC Health in Louisiana. This program is the first-of-its-kindtuition-free nursing program - funded by LCMC in exchange for employment after graduation and passing the NCLEX. The program offers a targeted approach to strengthening the pipeline of nurses and our increasing scale gives us the ability to service more partnerships like this in the future, a perfect example of our workforce solutions provider strategy in action.
With a concentration of online graduate-level healthcare programs that are complementary to Adtalem's core offerings, Walden significantly expands our breadth and best-in-class modalities to further enable us to reimagine the future of healthcare education at a critical time in history. Adtalem's family of institutions have nearly 140,000 total student enrollments, with 82% of students in online learning modalities. The addition of Walden also delivers on our commitment to provide greater access to education, particularly for students of diverse backgrounds and those from underrepresented demographics.
2021 Proxy Statement
1
Message from our Executive Chairman of the Board
In 2021, we saw continued strong revenue growth in our Financial Services segment, with double-digit increases driven by our ability to capture the demand generated by strong secular tailwinds. More broadly in the segment, we are establishing prominent growth vectors to enable expansion and diversification into new markets, and investments in new offerings are positioning this segment for long-term growth.
With our focus shifting firmly towards the healthcare sector, we announced in August that we are exploring strategic alternatives for our Financial Services businesses. This is a natural progression of our workforce solutions strategy and is consistent with our long-standing commitment to delivering long-term shareholder value.
After such a pivotal year and with the need to keep strong momentum as we continue with our next phase of growth, I determined that the time was right for me to transition from my role as chairman and CEO to executive chairman of Adtalem's board of directors. Steve Beard, previously our chief operating officer, succeeded me as president and CEO and joined our board. This decision followed a thorough board-led succession planning process, with the board unanimously agreeing that Steve is the right choice to provide the continuity and strategic insight needed to lead us through this next phase of our growth.
Steve has played a critical role in refining our leading workforce solutions strategy and repositioning our Financial Services segment for long-term, profitable growth. He has been instrumental in our acquisition of Walden and in the divestitures of DeVry University, Carrington College and Adtalem Brazil. There is no leader better suited than Steve to take us forward with strong momentum as we continue to amplify our social impact, expand access to high- quality education and unlock even more possibilities for all.
Over the past five years during my tenure as CEO, we have made incredible progress. I am extremely proud and grateful for everyone at Adtalem; for everything we have accomplished and for supporting the repositioning of the company for growth. As executive chairman, I remain actively involved in our mission and will continue to partner with Steve, the board and our leadership team to drive results and superior student outcomes.
Together, the strategic actions we took this year represent the beginning of the next chapter for Adtalem. A chapter in which we will continue our positive momentum to expand as a leading workforce solutions provider in a way that will enable us to drive even greater impact for our students, employer partners, communities and shareholders.
We are energized by the even greater role Adtalem plays in solving these worker shortages through the increased scale and differentiated capabilities made possible by our acquisition of Walden. We hope you join us in this excitement for our next chapter, and on behalf of the entire Adtalem Global Education team and Board of Directors, we thank you for your continued confidence in our mission.
Lisa W. Wardell
Executive Chairman
2 Adtalem Global Education Inc.
Notice of Annual Meeting of Shareholders
DATE AND TIME
November 10, 2021
8:30 a.m. Central Standard Time
Online check-in will be available beginning at 8:15 a.m. Central Standard Time. Please allow ample time for the online check-in process.
PLACE
RECORD DATE
The Annual Meeting will be
September 24, 2021
held entirely online at:
www.virtualshareholdermeeting.com/
ATGE2021.
ITEMS OF BUSINESS
Board Voting
Recommendation
Proposal No. 1: Elect the directors named in the attached Proxy Statement to serve until the
FOR each
2022 Annual Meeting of Shareholders
director nominee
Proposal No. 2: Ratify selection of PricewaterhouseCoopers LLP as independent registered
FOR
public accounting firm
Proposal No. 3: Say-on-pay: Advisory vote to approve the compensation of our named
FOR
executive officers
Shareholders will also consider such other business as may come properly before the Annual Meeting or any adjournment thereof.
To participate in the 2021 Annual Meeting, you will need the 16-digit control number included on your proxy card or in the instructions that accompanied your proxy materials.
This notice and Proxy Statement, voting instructions, and Adtalem Global Education Inc.'s 2021 Annual Report to Shareholders are being mailed to shareholders beginning on or about October 8, 2021.
Douglas G. Beck
Senior Vice President, General Counsel and Corporate Secretary
REVIEW YOUR PROXY STATEMENT AND VOTE IN ONE OF FOUR WAYS:
VIA THE INTERNET
BY TELEPHONE
BY MAIL
VIRTUALLY
Visit the web site listed
Call the telephone
Sign, date, and return
Attend the Annual Meeting online at
on your proxy card
number on your
your proxy card in the
www.virtualshareholdermeeting.com/
proxy card
enclosed envelope
ATGE2021.
Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to Be Held on November 10, 2021. Our Proxy Statement and the Adtalem Global Education Inc. Annual Report for 2021 are available online at www.proxyvote.com or at our investor relations website, http://investors.adtalem.com/.
2021 Proxy Statement
3
Disclaimer
Adtalem Global Education Inc. published this content on 21 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 October 2021 18:03:09 UTC.