Following months of controversy, embattled education provider Vocation Ltd (ASX: VET) could be set to change its name in an attempt to start afresh.
As has been reported by the Fairfax press, changing the company's name is a top priority for Vocation's directors who want to erase the "Vocation contagion" reputation that has burdened it since September last year. In that time, the shares have lost more than 95% of their value as a result of the company losing almost $20 million of key funding from the Victorian Government, which led to numerous profit downgrades and investor class actions.
While Vocation is by no means in the clear just yet, investors did receive a burst of good news last week when the company announced that it had appointed Stewart Cummins as its new CEO. Cummins has developed a strong reputation for his ability to turnaround companies in trouble, which certainly seems necessary for Vocation.
Although investors should steer clear of the company at least until it releases the outcome of its strategic review, things are certainly looking better for Vocation's shareholders. The stock has risen another 18.8% today, complementing last week's 102% gain.
