Apollo Education Group’s board announced today that the company is exploring a potential change in control of the company. Apollo is the parent company of the University of Phoenix.

“The board believes that these actions will support and accelerate Apollo’s strategic initiatives, which include the continued growth and investment in Apollo Global and the continuation of the University of Phoenix’s transformation plan to further enhance student outcomes and provide outstanding, career-relevant higher education for working adults,” a news release from the company said.

The company has been shrinking. Corporate filings released today revealed Apollo’s first-quarter revenue is down to $586 million compared to $714.5 million a year ago. Enrollment also continues to decline. Total enrollment is at about 201,000 students compared to about 267,000 last year.

Apollo also reported that in August the Federal Trade Commission had launched an inquiry into Phoenix's "practices and procedures for safeguarding student and staff personal information." That inquiry is separate from the FTC's civil investigative demand in July that relates to an investigation into allegations of deceptive or unfair advertising, marketing, or product or service sales. According to the filing, the August inquiry was closed without any "adverse action."