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CoreCivic CEO Damon Hininger to Step Down in 2026
ByAinvest
Monday, Aug 18, 2025 4:14 pm ET1min read
CoreCivic, a government-solutions company, announced that CEO Damon Hininger will step down on January 1, 2026. The company provides a range of services to government partners, including corrections and detention management, transportation services, and residential reentry centers. CoreCivic operates 43 correctional and detention facilities, as well as real estate properties leased to government agencies. Hininger will remain CEO until his departure.
CoreCivic, Inc., a diversified government-solutions company, has announced the award of a new contract to resume operations at its 600-bed West Tennessee Detention Facility in Mason, Tennessee. The contract, valued at approximately $30 million to $35 million annually, will see the facility fully activated by the end of the first quarter of 2026 [1][2][3].The contract, under an intergovernmental services agreement (IGSA) between the City of Mason, Tennessee, and U.S. Immigration and Customs Enforcement (ICE), provides for a fixed monthly payment plus an incremental per diem payment based on detainee populations. The IGSA expires in August 2030 and may be further extended through bilateral modification [1][2][3].
The facility has been idle since September 2021, and this contract marks CoreCivic's efforts to meet the growing needs of ICE. The company has already provided the agency with over 7,600 beds by reactivating four previously idle facilities and making 1,000 additional beds available through contract modifications [1][3].
CoreCivic's CEO, Damon Hininger, will step down on January 1, 2026, after 15 years with the company. He will remain CEO until his departure, ensuring a smooth transition. Hininger's leadership has been instrumental in the company's expansion and operational success [4].
The company expects this contract to have a minimal impact on earnings in the third quarter of 2025, with accretive earnings beginning in the fourth quarter of 2025. The facility's full activation is expected to add well over 200 jobs to the local community [1][2][3].
CoreCivic operates 43 correctional and detention facilities, as well as real estate properties leased to government agencies. The company provides a range of solutions to government partners, including corrections and detention management, transportation services, and residential reentry centers [4].
References:
[1] https://www.marketwatch.com/story/corecivic-awarded-30-million-annual-ice-contract-for-tennessee-detention-facility-a49e969f
[2] https://www.marketscreener.com/news/corecivic-inc-announces-new-contract-award-to-resume-operations-at-west-tennessee-detention-facili-ce7c51d9db80ff24
[3] https://www.globenewswire.com/news-release/2025/08/14/3133415/0/en/CoreCivic-Announces-New-Contract-Award-To-Resume-Operations-At-West-Tennessee-Detention-Facility.html
[4] https://www.marketscreener.com/news/corecivic-wins-contract-for-west-tennessee-detention-facility-ce7c51d9db8ef324
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