GEO - Prison operator GEO Group falls after two board members resign abruptly

FooTToo/iStock via Getty Images Prison operator GEO Group (GEO) dropped 1.5% after the company disclosed late Friday that two board members had resigned. On July 7 Guido Van Hauwermeiren resigned from the board, citing personal reasons. On July 8,  Duane Helkowski resigned from the board, also citing personal reasons, according to an 8K filing. The company on July 9 appointed Jack Brewer and Terry Mayotte to the board. Dealreporter speculated earlier that the departures may be a sign of some type of disagreement at the company and wonders why two "experienced" investment bankers would be leaving the board so abruptly. In early June, GEO appointed George C. Zoley as Executive Chairman and Jose Gordo as CEO. Recall that in early April, GEO said it would suspend its dividend to pay down debt and would evaluate its corporate structure, an analysis it expects to complete in 4Q.

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Prison operator GEO Group falls after two board members resign abruptly