google65222aaba5ef6dda
 
The Arizona Republic reports that Grand Canyon University execs sold stock options for more than $5 million shortly after the for-profit education company canceled plans to convert to a non-profit entity. 

A spokesman for Grand Canyon told the newspaper that the sales in the March 2016 timeframe were not related to the non-profit decision. 

 
 
Grand Canyon University, a for-profit university based in Phoenix, has told shareholders that it is considering converting itself to a non-profit institution during a time when many for-profit schools have suffered bad publicity, declining enrollment and shaky finances.
A transition would require Grand Canyon's parent company, Grand Canyon Education, Inc., to buy out shareholders.  Bloomberg reported that "Grand Canyon has defied the fate of many for-profits, whose enrollments are plummeting amid state and federal probes of their recruiting and marketing practices. The university, which settled a lawsuit over recruiter compensation in 2010, has carved out a niche as a Christian-affiliated institution and is growing both online and at its Phoenix campus. Enrollment climbed 14 percent last year to a record 59,600 students."  In a statement released on the university's website, company CEO Brian Mueller said, "The stigma surrounding the for-profit industry -- some of which is deserved, and some not -- is real and it is not improving,”