Parent company of DeVry University changing its name

Markets Associated Press

The company that owns one of the nation's largest for-profit college chains is changing its name.

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DeVry Education Group, which owns DeVry University, announced Wednesday that it will now be called Adtalem Global Education.

Company CEO Lisa Wardell said the new name "makes clear our purpose to empower students and our status as a global education provider."

The company says Adtalem comes from a Latin translation of the phrase "to empower."

Based in Downers Grove, Illinois, the company has expanded overseas recently while facing struggles in the United States. The DeVry University chain has closed 39 campuses since 2014 amid sliding revenue.

The company owns several other institutions, including the Chamberlain College of Nursing and Carrington College chains. A company spokesman said only the parent group is changing its name.