Apollo Group Says John Sperling To Retire As Executive Chairman

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12/13/2012 6:29 PM ET

Apollo Group, Inc. (APOL: Quote) announced that John Sperling will retire as executive chairman of the company's board of directors, effective December 31, 2012.

Additionally, the company announced that John Sperling's son, Peter Sperling has been elected chairman of the board of directors.

The company said that Sperling most recently served as vice chairman of the board, and has held numerous management roles with Apollo Group since he joined the company in 1983. Terri Bishop, executive vice president and senior advisor to the CEO of Apollo Group, was elected vice chair of the board, effective December 31, 2012.

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