EZCORP, Inc. (Nasdaq:EZPW), a leading provider of instant cash
solutions for consumers, today announced that its Board of
Directors has expanded its size to seven and has elected Mark E.
Kuchenrither, Joseph L. Rotunda, Thomas C. Roberts, and Peter
Cumins to serve as directors.
Mark E. Kuchenrither — Mr. Kuchenrither, age
52, is serving as Interim President and Chief Executive Officer, as
well as Chief Financial Officer, of EZCORP. Mr. Kuchenrither joined
the Company as Senior Vice President, Strategic Development in
March 2010. He was promoted to President, Change Capital in October
2011 and to Executive Vice President in May 2012. He was named
Chief Financial Officer in October 2012. From 2007 to March 2010,
Mr. Kuchenrither served as Vice President of Operations of Sun
Capital Partners, a private equity firm, where he was responsible
for the oversight of ten portfolio companies with an emphasis on
profit improvement. Mr. Kuchenrither began his career in various
accounting and controllership functions.
Joseph L. Rotunda — Mr. Rotunda, age 67, served
as EZCORP's Chief Executive Officer and a member of the EZCORP
Board of Directors for 10 years from August 2000 to November 2010.
Under his leadership, the Company grew from a few hundred store
fronts operating in 11 states to over 1,000 owned and operated
locations in the U.S., Mexico and Canada. EZCORP's market
capitalization during that time grew from approximately $17 million
in 2000 to over $1 billion at the time of his retirement. During
Mr. Rotunda's tenure, EZCORP's growth and performance were
recognized with the company's inclusion on Forbes list of "200 Best
Small Companies" in 2006, Business Weekly's "100 Hot Growth
Companies" in 2007, the Association for Corporate Growth's "2010
Outstanding Corporate Growth Award" for Central Texas, and FORTUNE
Magazine's 2010 list of "100 Fastest Growing Companies."
Since his retirement from EZCORP, Mr. Rotunda served as a
consultant to the Company from November 2010 to November 2013 and
has since served as a consultant and adviser to various businesses.
He is currently a director of eCommission Financial Services, Inc.,
a privately held company focusing on commission advance products to
real estate sales professionals. Mr. Rotunda served for ten years
as a director of Easyhome Ltd. (TSX EH), Canada's largest, and
North America's third largest, merchandise leasing company,
offering consumer leasing agreements through both corporate and
franchise stores, as well as a variety of financial services
through its Easyfinancial services business.
Thomas C. Roberts — Mr. Roberts, age 72,
previously served on the EZCORP Board of Directors from January
2005 to January 2014. He served as Chairman of the Audit Committee
from January 2004 to November 2008, and as Lead Independent
Director from November 2008 to September 2013. Since 1990, Mr.
Roberts has been a private investor and is currently Chairman of
the Board of Directors of Pensco, Inc., a financial services
company, having previously served as a senior executive (including
Chief Financial Officer) of Schlumberger, Ltd. (1970 to 1985) and
President and director of Control Data Computer Systems and
Services (1985 to 1989). Mr. Roberts has agreed to serve on the
Audit Committee and to Chair the committee on an interim basis.
Peter Cumins — Mr. Cumins, age 63, is the
Managing Director of Cash Converters International Limited, a
public company headquartered in Perth, Western Australia, and
traded on the Australian Stock Exchange (ASX: CCV), with a market
capitalization of almost $500 million. Cash Converters owns and
franchises retail and financial services stores in 21 countries.
EZCORP owns approximately 33% of the outstanding capital stock of
Cash Converters, owns and operates 35 stores in the United States
and Canada under the "Cash Converters" brand, and has entered into
a joint venture with Cash Converters to develop a network of
franchised buy/sell stores in Mexico under the "Cash Converters"
brand.
Mr. Cumins joined Cash Converters in August 1990 as Finance and
Administration Manager, became General Manager in March 1992 and
became Managing Director in April 1995. Mr. Cumins has overseen the
major growth in the number of company-owned and franchised
locations in Australia, as well as the international development of
the Cash Converters franchise system.
Chairman Commentary
Lachlan P. Given, EZCORP's non-executive Chairman of the Board
stated: "We are absolutely delighted with these additions to our
Board of Directors. Both Joe and Peter bring deep pawnbroking and
financial services expertise, and both have very successfully led
their companies during periods of rapid growth and industry change.
Tom's prior EZCORP experience, combined with his extensive
experience in managing large, complex, global organizations, make
him uniquely suited to return to the Board at this time. And of
course, Mark will bring the necessary senior executive perspective
to Board deliberations.
"Combined, these new directors bring almost 50 years of
targeted, industry-related experience and expertise. I look forward
to working with them, as well as with our existing directors, Pablo
Lagos and Santiago Creel, as we refocus the Company's strategy and
initiatives on our core businesses in order to deliver superior
shareholder value."
About EZCORP
EZCORP is a leader in delivering easy cash solutions to our
consumers across channels, products, services and markets. With
approximately 7,500 team members and approximately 1,400 locations
and branches, we give our customers multiple ways to access instant
cash, including pawn loans and consumer loans in the United States,
Mexico, Canada and the United Kingdom, and fee-based credit
services to customers seeking loans. At our pawn and buy/sell
stores and online, we also sell merchandise, primarily collateral
forfeited from pawn lending operations and used merchandise
purchased from customers.
EZCORP owns controlling interests in Prestaciones Finmart,
S.A.P.I. de C.V., SOFOM, E.N.R. (doing business under the names
"Crediamigo" and "Adex"), a leading provider of consumer loans in
Mexico; and in Renueva Commercial, S.A.P.I. de C.V., an operator of
buy/sell stores in Mexico under the name "TUYO." The Company also
has a significant investment in Cash Converters International
Limited (CCV.ASX), which franchises and operates a worldwide
network of over 700 stores that provide personal financial services
and sell pre-owned merchandise.
Forward-Looking Statements
This announcement contains certain forward-looking statements
regarding the company's strategy and initiatives. These statements
are based on the company's current expectations. Actual results for
future periods may differ materially from those expressed or
implied by these forward-looking statements due to a number of
uncertainties and other factors, including fluctuations in gold
prices or the desire of our customers to pawn or sell their gold
items, changes in the regulatory environment, changing market
conditions in the overall economy and the industry, and consumer
demand for the company's services and merchandise. For a discussion
of these and other factors affecting the company's business and
prospects, see the company's annual, quarterly and other reports
filed with the Securities and Exchange Commission.
CONTACT: Mark Trinske
Vice President, Investor Relations and Communications
EZCORP, Inc.
(512) 314-2220
Investor_Relations@ezcorp.com
http://investors.ezcorp.com/
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