In 2011 the "Washington Post" claimed that Strayer had a 15 percent graduation rate, listing it among the lowest college graduation rates in the Washington, D.C., area. Strayer claimed the graduation rate for its full cohort of bachelor's students was 33 percent. In December 2011, the university acquired the Jack Welch Management Institute from Chancellor University for about $7 million. The institute offers a fully online Executive MBA program, as well as certificate programs. In 2012, Michael Plater was named fourteenth president of Strayer University. Previously, he served as provost and chief academic officer.