Exhibit 99.1
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| News Release
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Contact:
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Karin Demler, Investor Relations, 615-263-3005
Louise Grant, Media, 615-263-3106 |
Corrections Corporation
of America
Announces Damon Hininger to Succeed
John Ferguson as Chief Executive Officer
John Ferguson to Remain as Chairman of the Board of Directors
NASHVILLE, TN — August 17, 2009 — Corrections Corporation of America (NYSE: CXW) (the “Company”
or “CCA”), the nation’s largest provider of corrections management services to government agencies,
announced today that John Ferguson, the Company’s Chairman and Chief Executive Officer will retire
as CEO effective October 15, 2009. Damon Hininger, who currently serves as the Company’s President
and Chief Operating Officer, has been named to succeed Mr. Ferguson as Chief Executive Officer and
will also serve as a director. Mr. Ferguson will remain as Chairman of the Company’s Board of
Directors and as an active participant during the transition and in his responsibilities with the
Board of Directors.
“On behalf of the Board of Directors and management, I would like to thank John for his invaluable
service and leadership to our company over the last nine years. John successfully led a turnaround
of CCA, instituting dramatic change in the Company’s business structure and returning CCA to
profitability,” said William Andrews, Chairman of the Executive Committee of CCA’s Board of
Directors. “John has helped to establish a strong business model that continues to successfully
serve our customers, stockholders and employees. We look forward to his continued work and
leadership as Chairman of the Company’s Board of Directors.”
Commenting on the transition, John Ferguson, CCA’s Chairman of the Board stated, “First let me
express my gratitude to the Board and the shareholders of CCA for allowing me to serve as President
and CEO, and to continue as Chairman of the Board. I look forward to working with the other Board
members to continue to build a strong and dynamic Board of Directors that is committed to CCA’s
mission and vision. While at CCA I faced many opportunities and challenges, but I always found it
fulfilling and rewarding. Although I will continue to be involved with CCA’s Board and expect to
remain quite active during the transition, I look forward to the next chapter of my life.”
Mr. Ferguson added, “I would also like to congratulate Damon on his achievement. Having started
with CCA 17 years ago, Damon intimately knows every aspect of CCA’s business and
is well equipped to build on CCA’s strategy and successfully lead CCA into the future. Damon
epitomizes our active approach to professional staff development and I am proud of his
accomplishments.”
10 Burton Hills Boulevard, Nashville, Tennessee 37215, Phone: 615-263-3000
Mr. Hininger concluded, “I am honored and grateful for this opportunity and look forward to serving
as President and Chief Executive Officer of CCA. I would like to thank the Board of Directors for
the confidence they have placed in me. I especially would like thank John, who has been a great
mentor to me. I look forward to working with John in his role as Chairman and building on the
strong foundation he established during his time as CEO of the Company.”
Mr. Hininger joined the Company in 1992 gaining exposure to essentially all aspects of the business
throughout his career. Most recently he served as, President and Chief Operating Officer; Senior
Vice President, Federal Customer Relations; Vice President, Federal Customer Relations and Vice
President, Business Analysis. Mr. Hininger earned a bachelor’s degree from Kansas State University
and an M.B.A. from the Jack Massey School of Business at Belmont University.
About the Company
The Company is the nation’s largest owner and operator of privatized correctional and detention
facilities and one of the largest prison operators in the United States, behind only the federal
government and three states. The Company currently operates 65 facilities, including 40
company-owned facilities, with a total design capacity of approximately 86,500 beds in 19 states
and the District of Columbia. The Company specializes in owning, operating and managing prisons
and other correctional facilities and providing inmate residential and prisoner transportation
services for governmental agencies. In addition to providing the fundamental residential services
relating to inmates, the Company’s facilities offer a variety of rehabilitation and educational
programs, including basic education, religious services, life skills and employment training and
substance abuse treatment. These services are intended to reduce recidivism and to prepare inmates
for their successful re-entry into society upon their release. The Company also provides health
care (including medical, dental and psychiatric services), food services and work and recreational
programs.
Forward-Looking Statements
This press release contains statements as to the Company’s beliefs and expectations of the outcome
of future events that are forward-looking statements as defined within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ materially from the statements made.
These include, but are not limited to, the risks and uncertainties associated with: (i)
fluctuations in the Company’s operating results because of, among other things, changes in
occupancy levels, competition, increases in cost of operations, fluctuations in interest rates and
risks of operations; (ii) changes in the privatization of the corrections and detention industry,
the public acceptance of the Company’s services, the timing of the opening of and demand for new
prison facilities and the commencement of new management contracts; (iii) the Company’s ability to
obtain and maintain correctional facility management
contracts, including as a result of sufficient governmental appropriations and as a result of
inmate disturbances; (iv) increases in costs to construct or expand correctional facilities that
exceed original estimates, or the inability to complete such projects on schedule as a result of
various factors, many of which are beyond the Company’s control, such as weather, labor
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conditions and material shortages, resulting in increased construction costs; and (v) general economic and
market conditions. Other factors that could cause operating and financial results to differ are
described in the filings made from time to time by the Company with the Securities and Exchange
Commission.
The Company takes no responsibility for updating the information contained in this press release
following the date hereof to reflect events or circumstances occurring after the date hereof or the
occurrence of unanticipated events or for any changes or modifications made to this press release
or the information contained herein by any third-parties, including, but not limited to, any wire
or internet services.
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