Rent-A-Center, Inc. (NASDAQ:RCII) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02
|
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On June7, 2017, the Board of Directors of Rent-A-Center, Inc.
(Rent-A-Center or the Company) appointed Steven L. Pepper, who at
that time served as Lead Director of the Company, to succeed Mark
E. Speese as Chairman of the Board of Directors. Mr.Speese will
continue to serve as Rent-A-Centers Chief Executive Officer.
Mr.Pepper joined the Rent-A-Center Board in May 2013, was its
Lead Director prior to being appointed Chairman of the Board, and
serves as a member of the Boards Audit Risk Committee. In 2011,
Mr.Pepper retired as President of Yum Brands Mexico, a position
he had held since 2001. Over the course of his twenty-year career
with Yum, Mr.Pepper was responsible for that companys businesses
in Europe, Africa and Brazil, as well as serving in key financial
positions in the United States and Latin America. From 2006 to
2011, Mr.Pepper was also a member of Yums Partners Council, a
leadership group comprised of that companys twenty top
executives. Since retiring from Yum, Mr.Pepper has served as an
advisor to a number of private equity groups regarding
investments in Latin America. Mr.Pepper also serves on the
Advisory Board of Colombias leading diversified restaurant and
food services company, a division of Grupo Nutresa.
Mr.Pepper will be entitled to receive compensation for his
service as Chairman of the Board in an amount consistent with the
compensation paid to non-employee directors of the Company, as
described in the Companys Proxy Statement for the 2017 Annual
Meeting of Stockholders plus, as recognition of the unique value
that he brings to the Company, $150,000 per year.
| Item8.01 | Other Events. |
On June8, 2017, the Company issued a press release announcing the
matters addressed in Item5.02 of this Current Report on Form 8-K.
A copy of this press release is attached to this Current Report
on Form 8-K as Exhibit 99.1 and incorporated herein by this
reference.
| Item9.01 | Financial Statements and Exhibits |
| 99.1 | Press Release issued on June 8, 2017, by Rent-A-Center, Inc. |
About Rent-A-Center, Inc. (NASDAQ:RCII)
Rent-A-Center, Inc. is a rent-to-own operator in North America. The Company provides an opportunity to obtain ownership of products, such as consumer electronics, appliances, computers (including tablets), smartphones and furniture (including accessories), under rental purchase agreements. The Company operates in four segments: Core U.S., Acceptance Now, Mexico and Franchising. Its Core U.S. and Mexico stores generally offer merchandise from over five basic product categories: consumer electronics, appliances, computers (including tablets), smartphones and furniture (including accessories). The Acceptance Now segment provides an on-site rent-to-own option at a third-party retailer’s location. Its Franchising segment engages in the sale of rental merchandise to its franchisees who, in turn, offer the merchandise to the general public for rent or purchase under a rent-to-own transaction. It offers brands, such as LG, Frigidaire, Acer, Apple, Asus, Samsung, Ashley, Powell and Standard.
