Ferguson stepping down at CCA

Young gun to take over after nine-year stint

Email | Print By Geert De Lombaerde

Damon Hininger

John Ferguson will end his nine-year stint at the helm of Corrections Corp. of America in two months and will hand over the reins to 39-year-old President and COO Damon Hininger. Ferguson will remain chairman of the private prison operator.

"While at CCA I faced many opportunities and challenges, but I always found it fulfilling and rewarding," said Ferguson, 63. "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."

Hininger joined Nashville-based CCA in 1992 and was named president and COO 13 months ago. Before then, he was senior VP of federal and local customer relations. He earned an MBA from Belmont's Jack Massey School of Business and his bachelor's from Kansas State University.

Before his time at the helm of CCA, Ferguson was commissioner of finance for the State of Tennessee as well as chairman and CEO of a community bank in Germantown, near Memphis. During his tenure, CCA spent plenty of time in the public eye, mostly after the death of several inmates.

Investors don't appear to be enthusiastic about Hininger's appointment. Shares of CCA (Ticker: CXW) are down almost 5 percent in early trading.