Rent-A-Center Announces CEO Transition
Mitch Fadel Appointed CEO Succeeding Mark Speese
Strategic Alternatives Review Process Ongoing;
Company
Remains Focused on Plan to Restore Growth and Improve Profitability
“On behalf of the entire Board, I want to thank Mark for his decades of
dedication and service to Rent-A-Center,” said
“It has been a privilege to help lead
Mr. Lentell continued, “As we continue the strategic review process and
move with urgency to improve performance, we are fortunate to have a
leader of Mitch’s caliber assume the role of CEO. He has previously
spent more than 30 years in various positions at
“I am honored to have the opportunity to rejoin the talented
As previously announced on
About
About
A rent-to-own industry leader,
Forward-Looking Statements
This press release and the guidance above contain forward-looking
statements that involve risks and uncertainties. Such forward-looking
statements generally can be identified by the use of forward-looking
terminology such as "may," "will," "expect," "intend," "could,"
"estimate," "should," "anticipate," "believe," or “confident,” or the
negative thereof or variations thereon or similar terminology. The
Company believes that the expectations reflected in such forward-looking
statements are accurate. However, there can be no assurance that such
expectations will occur. The Company's actual future performance could
differ materially from such statements. Factors that could cause or
contribute to such differences include, but are not limited to: the
general strength of the economy and other economic conditions affecting
consumer preferences and spending; factors affecting the disposable
income available to the Company's current and potential customers;
changes in the unemployment rate; uncertainties concerning the outcome,
impact, effects and results of the Company’s exploration of its
strategic and financial alternatives; difficulties encountered in
improving the financial and operational performance of the Company's
business segments; the Company's chief executive officer and chief
financial officer transitions, including the Company's ability to
effectively operate and execute its strategies during the interim period
and difficulties or delays in identifying and/or attracting a permanent
chief financial officer with the required level of experience and
expertise; failure to manage the Company's store labor and other store
expenses; the Company’s ability to develop and successfully execute
strategic initiatives; disruptions caused by the operation of the
Company's store information management system, and its transition to
more-readily scalable, “cloud-based” solutions; the Company's ability to
develop and successfully implement digital or E-commerce capabilities,
including mobile applications; disruptions in the Company's supply
chain; limitations of, or disruptions in, the Company's distribution
network; rapid inflation or deflation in the prices of the Company's
products; the Company's ability to execute and the effectiveness of a
store consolidation, including the Company's ability to retain the
revenue from customer accounts merged into another store location as a
result of a store consolidation; the Company's available cash flow; the
Company's ability to identify and successfully market products and
services that appeal to its customer demographic; consumer preferences
and perceptions of the Company's brand; uncertainties regarding the
ability to open new locations; the Company's ability to acquire
additional stores or customer accounts on favorable terms; the Company's
ability to control costs and increase profitability; the Company's
ability to retain the revenue associated with acquired customer accounts
and enhance the performance of acquired stores; the Company's ability to
enter into new and collect on its rental or lease purchase agreements;
the passage of legislation adversely affecting the Rent-to-Own industry;
the Company's compliance with applicable statutes or regulations
governing its transactions; changes in interest rates; adverse changes
in the economic conditions of the industries, countries or markets that
the Company serves; information technology and data security costs; the
impact of any breaches in data security or other disturbances to the
Company's information technology and other networks and the Company's
ability to protect the integrity and security of individually
identifiable data of its customers and employees; changes in the
Company's stock price, the number of shares of common stock that it may
or may not repurchase, and the Company’s dividend policy and any changes
thereto, if any; changes in estimates relating to self-insurance
liabilities and income tax and litigation reserves; changes in the
Company's effective tax rate; fluctuations in foreign currency exchange
rates; the Company's ability to maintain an effective system of internal
controls; the resolution of the Company's litigation; and the other
risks detailed from time to time in the Company's SEC reports, including
but not limited to, its Annual Report on Form 10-K for the year
ended December 31, 2016, and its Quarterly Reports on Form 10-Q for the
quarters ended
View source version on businesswire.com: http://www.businesswire.com/news/home/20180102005324/en/
Source:
Investors:
Rent-A-Center, Inc.
Maureen Short,
972-801-1899
Interim Chief Financial Officer
maureen.short@rentacenter.com
or
Media:
Joele
Frank, Wilkinson Brimmer Katcher
James Golden / Matthew Gross /
Aura Reinhard
212-355-4449