Grand Canyon Education (NASDAQ: LOPE) has placed its Chief Financial Officer, Daniel E. Bachus, on paid administrative leave effective August 21, 2026, according to a company statement.

The board of directors said the leave is connected to an ongoing governmental investigation involving a non-employee third party's trades in company stock. The company stated that the administrative leave is not related to any issues with its financial statements or accounting policies or practices, and that the company itself is not a focus of the investigation.

Grand Canyon Education said it has engaged outside counsel and is conducting its own internal investigation while cooperating with the government.

The board appointed Lori Browning, the company's Senior Vice President and Controller – Chief Accounting Officer, to serve as interim chief financial officer and interim principal financial officer, also effective August 21, 2026.

Browning, age 59, joined the company in 2008 and was appointed Senior Vice President and Controller – Chief Accounting Officer in 2019. She holds two bachelor's degrees in Finance and Accounting from Arizona State University and has been an Arizona certified public accountant since 1996.