Aspen Group Announces Leadership Transition

Rhea-AI Summary

Aspen Group (OTCQB: ASPU) announced a leadership transition effective March 16, 2026: Matt LaVay, previously CFO, is appointed Chief Executive Officer and will join the Board. Michael Mathews, CEO since 2012, will transition to Executive Chairman and remain fully engaged on a full-time basis.

The change is described as a planned succession to support the company’s next growth phase. LaVay has served as CFO since June 2021 and is credited with leading restructurings that reduced operating expenses and helped guide Aspen to profitability.

Positive

• Matt LaVay named CEO effective March 16, 2026
• LaVay to join Aspen Group Board of Directors
• Michael Mathews becomes Executive Chairman and remains full-time
• LaVay credited with restructurings that reduced operating expenses
• Company states transition supports next phase of growth

Negative

• Michael Mathews vacates CEO role after serving since 2012

News Market Reaction – ASPU

+20.22%

1 alert

+20.22% News Effect

On the day this news was published, ASPU gained 20.22%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Matt LaVay Appointed Chief Executive Officer; Michael Mathews to Become Executive Chairman

PHOENIX, March 16, 2026 (GLOBE NEWSWIRE) -- Aspen Group, Inc. ("AGI") (OTCQB: ASPU), an education technology holding company and the parent company of Aspen University (AU) and United States University (USU), announced today a leadership transition designed to support the company’s next phase of growth and operational execution.

Effective today, March 16, Matt LaVay, currently Chief Financial Officer of Aspen Group, will assume the role of Chief Executive Officer and will join the Aspen Group Board of Directors. Michael Mathews, who has served as Chief Executive Officer since 2012, will transition to Executive Chairman of the Board. The leadership transition is part of the company’s planned succession process and reflects the Board’s confidence in Mr. LaVay’s ability to lead Aspen through its next phase of growth and operational execution.

In his new role as CEO, Mr. LaVay will oversee Aspen Group’s day-to-day operations and execute the company’s strategic initiatives. As Executive Chairman, Mr. Mathews will remain fully engaged with the company on a full-time basis, working closely with Mr. LaVay and the leadership team to support strategy, growth initiatives, and long-term value creation.

“Matt has been an integral part of Aspen Group’s leadership team, and I have worked closely with him over the past five years to strengthen our operational and financial foundation,” said Michael Mathews, Executive Chairman. “Matt brings a deep understanding of our business, our strategy, and the opportunities ahead. This transition allows him to take the lead in managing the company’s day-to-day operations while I remain actively involved as Executive Chairman, focusing on supporting the leadership team and guiding Aspen’s long-term growth.”

“I am honored to step into the CEO role and continue working alongside Mike and the rest of our talented team,” commented Matt LaVay, Chief Executive Officer. “Aspen has built a strong platform with a clear mission to expand access to high-quality education. I look forward to building on the progress we have made and continuing to execute our strategy to drive operational performance and create long-term value for our students and shareholders.”

Mr. LaVay has served as Chief Financial Officer of Aspen Group since June 2021 and has played a central role in strengthening the company’s financial and operational discipline. During his tenure, he led several corporate restructurings that significantly reduced operating expenses, streamlined the organization, and helped guide Aspen to profitability. Mr. LaVay has also been closely involved in executing the company’s strategic initiatives and positioning Aspen for its next phase of growth. In connection with his appointment as Chief Executive Officer, Mr. LaVay will also join the Aspen Group Board of Directors.

About Aspen Group, Inc.

Aspen Group, Inc. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again. For more information, visit www.aspu.com. 

Contact Information:

Hayden IR
Kimberly Rogers
(385) 831-7337
Kim@HaydenIR.com 

FAQ

Who is the new CEO of Aspen Group (ASPU) and when did the change take effect?

Matt LaVay was appointed Chief Executive Officer, effective March 16, 2026. According to the company, LaVay was previously CFO and will also join the Board to lead day-to-day operations.

What role will Michael Mathews hold at Aspen Group (ASPU) after March 16, 2026?

Michael Mathews will transition to Executive Chairman and remain fully engaged full-time. According to the company, he will support strategy, growth initiatives, and the leadership team.

What experience does Matt LaVay bring to the CEO role at Aspen Group (ASPU)?

LaVay served as Aspen Group CFO since June 2021 and led corporate restructurings. According to the company, those actions reduced operating expenses and helped guide Aspen to profitability.

Will the Aspen Group Board of Directors change with the leadership transition (ASPU)?

Yes. Matt LaVay will join the Aspen Group Board of Directors concurrent with his CEO appointment. According to the company, this aligns operational leadership with board oversight.

Why did Aspen Group (ASPU) announce the leadership change on March 16, 2026?

The company describes the change as a planned succession to support its next growth phase. According to the company, the Board expressed confidence in LaVay’s ability to execute strategic initiatives.