ACE Cash Express Announces CEO Succession Plan; Donald Neustadt to Continue as a Board Member; Jay Shipowitz to Become Chief Exe
03 December 2003 - 3:57AM
PR Newswire (US)
ACE Cash Express Announces CEO Succession Plan; Donald Neustadt to
Continue as a Board Member; Jay Shipowitz to Become Chief Executive
Officer DALLAS, Dec. 2 /PRNewswire-FirstCall/ -- ACE Cash Express,
Inc. today announced that Jay B. Shipowitz, the Company's current
President and Chief Operating Officer, will be appointed Chief
Executive Officer on June 30, 2004 when Donald H. Neustadt steps
down as the current CEO. Under the succession plan, Mr. Neustadt
will continue to serve on ACE's Board of Directors. "I believe this
is the right time to announce ACE's succession plan; we have never
been in a stronger position. My 10 years as CEO have been both a
challenging and rewarding experience," said Donald H. Neustadt. "I
want to continue to make a contribution but in a different role.
Jay has made significant contributions to our growth. He is an
innovator and an executive who can consistently deliver outstanding
results. Under his leadership I know the management team will
achieve continued success." "I am very pleased that Don will
continue to be involved with ACE as a board member. I know that I
will be able to rely on his considerable experience and talents and
continue our great working relationship," said Jay B. Shipowitz.
"We have solid financing, strong systems, a proven operations model
and a talented management team that is committed to grow our
business and increase shareholder value." Mr. Neustadt has served
as the Chief Executive Officer of the Company since November 1994
and as a Director of the Company since January 1987. Mr. Neustadt
served as the Company's President from November 1994 to December
1999 and as the Company's President and Chief Operating Officer
from January 1987 to November 1994. Mr. Shipowitz has served as the
President and Chief Operating Officer and as a Director of the
Company since January 2000 and as the Company's Senior Vice
President and Chief Financial Officer from May 1997 to January
2000. Mr. Shipowitz is a Director and member of the Executive
Committee of Financial Service Centers of America, the industry
trade association. Forward-looking Statements This release contains
certain "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These statements
are generally identified by the use of words such as "expect,"
"anticipate," "estimate," "believe," "intend," "plan," "target,"
"goal," "should," "would," and terms with similar meanings.
Although ACE believes that the current views and expectations
reflected in these forward-looking statements are reasonable, those
views and expectations, and the related statements, are based on
the assumptions of ACE's management and are inherently subject to
risks, uncertainties, and other factors, many of which are not
under ACE's control and may not even be predictable. Any inaccuracy
in the assumptions, as well as those risks, uncertainties, and
other factors, could cause the actual results to differ materially
from those projected in the forward-looking statements. Those
risks, uncertainties, and factors include, but are not limited to,
matters described in ACE's reports filed with the Securities and
Exchange Commission, such as: -- Competition within the
check-cashing industry as well as from banks, saving and loans,
short-term consumer lenders, and other similar financial services
entities and from other retail businesses that offer products and
services offered by ACE; -- Maintenance of relationships with
providers of financing for ACE and with key providers of products
and services either offered by ACE to its customers or used by ACE
in its business; -- Changes in laws, regulations or accounting
standards and decisions or actions taken by courts, regulators and
governmental authorities; -- Availability of financing, suitable
locations, acquisition opportunities and experienced management to
implement ACE's growth strategy; -- Increases in interest rates,
which would increase ACE's borrowing costs; -- Lawsuits and
regulatory proceedings and their respective results, including
settlements. ACE does not assume, but expressly disclaims, any
obligation to update or revise any of these forward-looking
statements, whether because of future events, new information, a
change in ACE's views or expectations, or otherwise. ACE makes no
prediction or statement about the performance of ACE's Common
Stock. About the Company ACE Cash Express, Inc. is headquartered in
Irving, Texas and is the largest owner, operator and franchiser of
check-cashing stores in the United States. Founded in 1968, the
Company had a total network of 1,174 stores, consisting of 968
company-owned stores and 206 franchised stores in 36 states and the
District of Columbia as of September 30, 2003. ACE also operates
self-service machines, which provide check-cashing or other
financial services without the need for a service associate, at 20
company-owned store locations, 22 third-party bill-payment
locations, and, during the tax season, ACE plans to place
approximately 220 machines at H&R Block retail offices. ACE
offers a broad range of check-cashing and other consumer financial
services. ACE is one of the largest providers of MoneyGram wire
transfer transactions, and it offers money orders, bill payment
services, and prepaid local and long distance telecommunication
services. Small, short-term consumer loans are also available to
customers at various ACE company-owned stores. The Company's
website is found at http://www.acecashexpress.com/ .
http://www.newscom.com/cgi-bin/prnh/20031202/DATU020
http://photoarchive.ap.org/ DATASOURCE: ACE Cash Express, Inc.
CONTACT: William S. McCalmont, Executive Vice President & CFO,
+1-972-753-2314, or , or Darla Ashby, Director, Public Affairs,
+1-972-550-5037, or , both of ACE Cash Express, Inc. Web site:
http://www.acecashexpress.com/
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