DeVry Education Company Picks New Director

Ex-Automatic Data Processing CEO Joins For-Profit Education Firm

DOWNERS GROVE, Ill. (CBS) - For-profit education company DeVry Inc. said Thursday it elected Gary Butler, the president and chief executive officer of Automatic Data Processing Inc., to DeVry's board of directors.

DeVry said Butler, 64, becomes the twelfth member of the company's board. He will serve a term ending in 2011. Automatic Data Processing is a payroll processor, and Butler has been its CEO since 2006.

DeVry held its annual shareholders meeting on Wednesday. It said Chairman Harold Shapiro and directors Connie Curran, Daniel Hamburger, and Ronald Taylor were all elected to new terms on the board. Their terms will end in 2013.

The board approved an increase in the company's annual dividend. The company said its dividend will rise to 24 cents from 20 cents. DeVry pays dividends twice a year, and it will pay a dividend of 12 cents on Jan. 10 to shareholders of record on Dec. 10.

The board also approved a new share repurchase program. The plan allows the company to buy back as much as $50 million in stock through Dec. 31, 2012. The newly approved repurchase plan will go into effect when DeVry's current $50 million stock buyback plan is complete.

DeVry was founded in Chicago in 1931 as DeForest Trading School, and was later acquired by the Bell & Howell Company which in turn changed its name to DeVry Institutes. The school's Chicago campus is located at 3300 N. Campbell Ave., on the former grounds of the Riverview amusement park.

The company is based in west suburban Downers Grove.

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