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Rent-A-Center Announces CEO Transition

Furniture World News


Rent-A-Center, Inc., a leader in the rent-to-own industry, recently announced that Mitchell E. Fadel, the Company’s former President and Chief Operating Officer and a current member of its Board of Directors, has been appointed as Chief Executive Officer, effective immediately. Mr. Fadel’s appointment follows Mark E. Speese’s decision to resign as CEO. Mr. Fadel will continue his role as a member of the Board. The Company also reiterated its commitment to its previously announced strategic review process.

“On behalf of the entire Board, I want to thank Mark for his decades of dedication and service to Rent-A-Center,” said J.V. Lentell, Chairman of the Rent-A-Center Board of Directors. “Mark is a true pioneer in the rent-to-own business, having founded this company and leading Rent-A-Center to its position as industry leader. On behalf of the entire Board of Directors, management team and co-workers throughout the Company, we thank Mark for his countless contributions to Rent-A-Center and wish him all the best in the future.”

“It has been a privilege to help lead Rent-A-Center over so many years, and I am proud to have helped build such a talented and hard-working team,” said Mr. Speese. “With the Company having entered its current transitional phase, and the improvements in the Company’s portfolio as reported over the past several months, I believe now is an appropriate time for me to move on from the Company.”

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 Rent-A-Center, most recently as President and COO, and we are grateful for his willingness to take on this important new role.”

“I am honored to have the opportunity to rejoin the talented Rent-A-Center leadership team and excited about the significant opportunity ahead for the Company,” said Mr. Fadel. “I look forward to working closely with the Board and management at Rent-A-Center on their continuing efforts to deliver improved financial performance and enhancing stockholder value.”

As previously announced on October 30, 2017, the Rent-A-Center Board of Directors has initiated a process to explore strategic and financial alternatives and, with its independent financial and legal advisors, is carefully considering a full range of options focused on maximizing stockholder value.

More about Mitchell E. Fadel: Mitchell E. Fadel most recently served as President – U.S. Pawn for EZCORP, Inc., a leading provider of pawn loans in the United States and Mexico, from September 2015 to December 2016. Prior to that, Mr. Fadel served as President of Rent-A-Center (beginning in July 2000) and Chief Operating Officer (beginning in December 2002) each until August 2015, and also as a director from December 2000 to November 2013. From 1992 until 2000, Mr. Fadel served as President and Chief Executive Officer of Rent-A-Center’s subsidiary Rent-A-Center Franchising International, Inc. f/k/a ColorTyme, Inc. Mr. Fadel’s professional experience with Rent-A-Center also includes previously serving as a Regional Director and a District Manager.

More about Rent-A-Center, Inc.: A rent-to-own industry leader, Plano, Texas-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, under flexible rental purchase agreements with no long-term obligation. The Company owns and operates stores in the United States, Mexico, Canada and Puerto Rico, and 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 franchiser of 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.

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