PLANO, Texas--(BUSINESS WIRE)--Aug. 13, 2015--
Rent-A-Center, Inc. (the "Company") (NASDAQ/NGS: RCII) today announced
the resignation of Mitchell E. Fadel, President and Chief Operating
Officer, effective August 28, 2015, to become the President, U.S. Pawn
of EZCORP, Inc. a company headquartered in Austin, Texas.
“On behalf of the entire Rent-A-Center family, I would like to thank
Mitch for his numerous contributions to our company,” said Robert D.
Davis, Chief Executive Officer of the Company. “Since joining
Rent-A-Center in 1992, Mitch’s efforts have positively impacted every
aspect of our operations and strengthened our organization for the
opportunities we have ahead of us. His leadership has had a major impact
on the management team’s recent success in initiating and implementing
positive changes in our Core U.S. operations, ranging from the
introduction of our flexible labor model to our transition to a
market-responsive pricing model to the development of our five new
sourcing and distribution centers.”
Mr. Fadel stated, “I am extremely proud of the work we have done over
the past 23 years as we have built Rent-A-Center into the great company
that it is today. I have been especially fortunate to have worked with
an incredible group of talented and professional people over the years.
While I am excited for my next opportunity, I will miss Rent-A-Center
and all of my former co-workers very much. I look forward to the
Company’s continued success.”
Mr. Davis added, “I have known and worked with Mitch Fadel for more than
20 years. His friendship, integrity and commitment throughout his many
years of service have always been invaluable, and he leaves our Company
well-positioned for the future. We wish him nothing but the best in his
next endeavor.”
Mr. Fadel has served as President since July 2000, as the Company’s
Chief Operating Officer since December 2002 and as a director of the
Company from December 2000 to November 2013. From November 1992 until
July 2000, Mr. Fadel served as President and Chief Executive Officer of
Rent-A-Center Franchising International, Inc., the Company’s franchising
subsidiary. Prior to that, Mr. Fadel worked in the Rent-A-Center brand
through various affiliates for a total of more than 32 years of
association with the brand.
Upon Mr. Fadel's resignation, his direct reports will report to Mr.
Davis.
A rent-to-own industry leader, Rent-A-Center, Inc., headquartered in
Plano, Texas, is focused on improving the quality of life for its
customers by providing them the opportunity to obtain ownership of
high-quality, durable goods such as consumer electronics, appliances,
computers, furniture and accessories, under flexible rental purchase
agreements with no long-term obligation. The Company owns and operates
approximately 2,945 stores in the United States, Mexico, Canada, and
Puerto Rico, and approximately 1,470 Acceptance Now kiosk locations in
the United States and Puerto Rico. Rent-A-Center Franchising
International, Inc., a wholly owned subsidiary of the Company, is a
national franchisor of approximately 185 rent-to-own stores operating
under the trade names of “Rent-A-Center,” "ColorTyme" and “Rimtyme”. For
additional information about the Company, please visit www.rentacenter.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150813006390/en/
Source: Rent-A-Center, Inc.
Rent-A-Center, Inc.
Maureen Short, 972-801-1899
Senior Vice
President – Finance, Investor Relations and Treasury
maureen.short@rentacenter.com