AUSTIN, Texas--(BUSINESS WIRE)--
EZCORP, Inc. (NASDAQ: EZPW) today announced a significant realignment of
its Board of Directors, with the addition of six new independent
directors, who will join four continuing directors, bringing the total
number of directors to ten, eight of whom will be “independent” under
applicable Nasdaq Stock Market rules. These changes will be effective as
of the company’s Annual Meeting of Stockholders, which will be held
later today.
New Independent Directors
The new independent directors include the following:
-
Shelaghmichael Brown — Former Senior Executive Vice President
and Executive Officer Retail Banking, BBVA Compass
-
Jason A. Kulas — Former Chief Executive Officer, President and
Executive Director, Santander Consumer USA Inc.
-
Kent V. Stone — Former Vice Chairman of Consumer Banking Sales
and Support, U.S. Bancorp
-
Gary L. Tillett — Former Executive Vice President and Chief
Financial Officer, Walter Investment Management Corp. (now Ditech
Holding Corporation), and retired partner, Pricewaterhouse Coopers
-
Robert W. K. Webb — Former Senior Vice President and Chief
Human Resources Officer, Tenet Healthcare Corporation
-
Rosa C. Zeegers — Former Executive Vice President, Consumer
Products and Experiences, National Geographic Partners, LLC
More detailed biographical information about each of these new directors
can be found in the Current Report on Form 8-K that the company will
file following the Annual Meeting.
Continuing Directors
The six new directors will join Matthew W. Appel, Lachlan P. Given
(Executive Chairman), Stuart I. Grimshaw (the company’s Chief Executive
Officer) and Pablo Lagos Espinosa, all of whom will continue to serve as
members of the Board of Directors. Santiago Creel Miranda, Peter Cumins
and Joseph L. Rotunda will retire from the Board of Directors.
In addition, Mr. Rotunda, who is currently serving as the company’s
Chief Operating Officer, has informed the company that he intends to
retire from that position at the end of the current fiscal year. Mr.
Rotunda has had a long relationship with the company, having served as
President and Chief Executive Officer from August 2000 to October 2010
and returning to serve as an executive in May 2015. Mr. Rotunda has
expressed the desire and willingness to remain available to the
company’s Board of Directors and management to consult on matters
related to the company’s operations. The company expects to enter into
an ongoing consulting agreement with Mr. Rotunda to document that
arrangement.
CEO Commentary
“We are delighted to welcome all the new directors to the Board,”
said Mr. Grimshaw, Chief Executive Officer. “Collectively, they bring a
diversity of skills and experience that will support our current
business, as well as our strategic initiatives. We are confident that
their skills, substantial business experience, leadership qualities and
freshness of perspective will contribute significantly to the overall
effectiveness of our Board and should be instrumental in creating value
for our company and our shareholders.
“Further, this reorganization represents a significant enhancement of
the independence of the Board. We will have eight of ten directors who
are independent under the applicable Nasdaq rules and have no prior
connection or association with the company, any member of management or
the controlling shareholder prior to joining the Board. We believe the
presence of eight independent directors will enhance the ability of the
Board to represent objectively the interests of all shareholders.”
ABOUT EZCORP
Formed in 1989, EZCORP has grown into a leading provider of pawn loans
in the United States and Latin America. It also sells merchandise,
primarily collateral forfeited from pawn lending operations and used
merchandise purchased from customers. We are dedicated to satisfying the
short-term cash needs of consumers who are both cash and credit
constrained, focusing on an industry-leading customer experience. EZCORP
is traded on NASDAQ under the symbol EZPW and is a member of the Russell
2000 Index, S&P SmallCap 600 Index, S&P 1000 Index and Nasdaq Composite
Index.
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EZCORP, Inc.
Investor_Relations@ezcorp.com
Phone:
(512) 314-2220
Source: EZCORP, Inc.