Mark E. Speese Named Interim CEO
PLANO, Texas--(BUSINESS WIRE)--Jan. 9, 2017--
The Board of Directors of Rent-A-Center, Inc. (NASDAQ/NGS: RCII), the
nation's largest rent-to-own operator, today announced the resignation
of Robert D. Davis as Chief Executive Officer and director effective
immediately. Board Chairman Mark E. Speese, the Company’s founder and
former chief executive officer, will serve as interim CEO of the Company
until a permanent successor has been named. The Board of Directors
announced that it will conduct a search process to find a highly
qualified candidate for CEO.
“On behalf of the Board and the entire Company, I would like to thank
Robert for his tireless efforts as our CEO over the past three years,”
said Mr. Speese. “His leadership has been essential to our operations
and business, and we are grateful for his commitment to the company over
the past 23 years.”
Mr. Davis said, “I am extremely proud of what our team has accomplished
in the past three years, during a dynamic and challenging environment.
Rent-A-Center has the most engaged workforce in the business, and I have
no doubt that they will be able to focus on driving profitable growth
while providing a superior customer experience to both the retailer and
the consumer. I believe the Company is well positioned for the future.”
Mr. Speese has served as the Company’s Chairman of the Board since
October 2001 and as a Board director since 1990. He served as the
Company’s Chief Executive Officer from October 2001 until January 2014.
Mr. Speese previously served as Vice Chairman from September 1999 until
March 2001. From 1990 until April 1999, Mr. Speese served as President,
and he also served as Chief Operating Officer from November 1994 until
March 1999. As a founder of Rent-A-Center, Mr. Speese brings a
tremendous knowledge of the business and a strategic vision for the
Company.
Mr. Davis has served as Chief Executive Officer of the Company since
February 2014. From February 2008 until February 2014, Mr. Davis also
served as the Company’s Executive Vice President – Finance. From
September 1999 until February 2008, Mr. Davis also served as the
Company’s Senior Vice President – Finance. From September 1998 until
September 1999, Mr. Davis also served as the Company’s Vice President –
Finance and Treasurer. Mr. Davis began his employment with the Company
in 1993.
About Rent-A-Center
A rent-to-own industry leader, Plano, TX-based, Rent-A-Center, Inc., is
focused on improving the quality of life for its customers by providing
them the opportunity to obtain ownership of high-quality, durable
products such as consumer electronics, appliances, computers, furniture
and accessories, and smartphones, under flexible rental purchase
agreements with no long-term obligation. The Company owns and operates
approximately 2,600 stores in the United States, Mexico, Canada and
Puerto Rico, and approximately 1,870 Acceptance Now locations in the
United States and Puerto Rico. Rent-A-Center Franchising International,
Inc., a wholly owned subsidiary of the Company, is a national franchiser
of approximately 230 rent-to-own stores operating under the trade names
of "Rent-A-Center," "ColorTyme," and "RimTyme." For additional
information about the Company, please visit our website at www.rentacenter.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170109006466/en/
Source: Rent-A-Center, Inc.
Rent-A-Center, Inc.
Maureen Short, 972-801-1899
Interim
Chief Financial Officer
maureen.short@rentacenter.com