Grand Canyon Education, Inc. filed a Form 8-K on August 24, 2026, disclosing that its Chief Financial Officer was placed on paid administrative leave and that a new interim CFO was appointed, both effective August 21, 2026.

Key Highlights

  • CFO on paid leave: Daniel E. Bachus, the Company's Chief Financial Officer, was placed on paid administrative leave effective August 21, 2026, by unanimous Board determination.
  • Reason for leave: The leave is connected to "an ongoing governmental investigation involving a non-employee third party's trades in Company stock," according to the filing.
  • Company not a focus: The filing states "The Company is not a focus of this investigation" and that the leave is not related to any issues with financial statements, accounting policies, or practices.
  • Interim CFO appointed: Lori Browning, Senior Vice President and Controller - Chief Accounting Officer, was appointed interim chief financial officer and interim principal financial officer, effective August 21, 2026.
  • Browning's tenure: Ms. Browning, age 59, joined the Company in 2008 and has served as Senior Vice President and Controller - Chief Accounting Officer since 2019.
  • Outside counsel engaged: The Company disclosed it engaged outside counsel and is conducting its own investigation while cooperating with the government.

Grand Canyon Education CFO Leave and Interim Leadership Change

Grand Canyon Education, Inc. (NASDAQ:LOPE) disclosed in its August 24, 2026 Form 8-K that its Board of Directors unanimously determined to place Chief Financial Officer Daniel E. Bachus on paid administrative leave, effective August 21, 2026. According to the filing, the leave is "in connection with an ongoing governmental investigation involving a non-employee third party's trades in Company stock." The filing explicitly states that the administrative leave "is not the result of any issues with the Company's financial statements or accounting policies or practices" and that "the Company is not a focus of this investigation."

The Company reported that it has engaged outside counsel, is conducting its own internal investigation, and is cooperating with the government. To fill the interim leadership gap, the Board appointed Lori Browning, the Company's Senior Vice President and Controller - Chief Accounting Officer, to serve as interim chief financial officer and interim principal financial officer, also effective August 21, 2026.

According to the filing, Ms. Browning, age 59, joined the Company in 2008 and served as Vice President - Controller until 2019, when she was appointed to her current senior role. Prior to joining the Company, the filing states she "served in various accounting and finance management positions in higher education from 1990 to 2007." The filing also notes she has been an Arizona certified public accountant since 1996 and holds two B.S. degrees in Finance and Accounting from Arizona State University.

What Was Disclosed

Grand Canyon Education disclosed the paid administrative leave of its CFO in connection with a governmental investigation into a non-employee third party's stock trades, the appointment of an interim CFO, and the Company's own internal investigation and government cooperation.