Education Management Corp. paid Chief Executive Mark McEachen more than $14 million as the company he stepped in to lead sold off its business and prepared to shut down, WSJ Pro Bankruptcy reported. A for-profit school operator, Education Management was already facing lawsuits and fretful regulators when McEachen accepted the CEO role in September 2015. Within months, the Pittsburgh company agreed to $200 million worth of settlements with state and federal regulators. Not long after, it began the process that led to the closure or sale of the schools and, last week, bankruptcy for the company. In the 2015 settlements, Education Management admitted no wrongdoing. However, allegations that the company had misled students and the government that offered student loan funds took a toll on its enrollment figures.
