UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report:
(Date of earliest event reported)
June 10, 2014
____________________________
RENT-A-CENTER, INC.
(Exact name of registrant as specified in charter)
Delaware (State or other jurisdiction of incorporation or organization) | 0-25370 (Commission File Number) | 45-0491516 (IRS Employer Identification No.) |
5501 Headquarters Drive Plano, Texas 75024 (Address of principal executive offices and zip code) | ||
(972) 801-1100
(Registrant's telephone
number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2. below):
[] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
[] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
[] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
[] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
Rent-A-Center, Inc. (the “Company”) named Guy J. Constant, 49, as Executive Vice President - Finance, Chief Financial Officer and Treasurer effective as of June 16, 2014. Mr. Constant was previously employed by Brinker International, Inc., serving as Executive Vice President, Chief Financial Officer and President of Global Business Development from January 2013 until March 2014; as Executive Vice President and Chief Financial Officer from September 2010 to January 2013; Senior Vice President of Finance from May 2008 to September 2010; Vice President of Strategic Planning, Analysis and Investor Relations from September 2005 to May 2008; and Senior Director of Compensation from November 2004 to September 2005.
In connection with the appointment of Mr. Constant as Executive Vice President - Finance, Chief Financial Officer and Treasurer of the Company, Mr. Constant and the Company have agreed that Mr. Constant’s annual base salary will be $475,000, and Mr. Constant will be eligible to participate in the Company’s annual cash bonus and equity compensation programs. Mr. Constant’s target annual cash bonus will be 55% of his annual base salary. Mr. Constant’s target annual equity compensation will be 100% of his annual base salary and shall be paid consistent with the equity compensation paid to executive officers of the Company, as described in the Company’s Proxy Statement for the 2014 Annual Meeting of Stockholders.
In addition, on July 1, 2014, the first business day of the quarter following the employment commencement date, the Company will make the following equity grants to Mr. Constant:
• | 10,000 options to purchase the common stock of the Company |
• | Restricted stock units valued at $118,750, which will vest on January 31, 2017 |
• | Restricted stock units valued at $237,500, which will vest upon the achievement by the Company of aggregate EBITDA for the three-year period ending December 31, 2016 in the amount of $1,203.3 billion |
Item 8.01 Other Events.
On June 10, 2014, the Company issued a press release announcing the matters addressed in Item 5.02 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.
Item 9.01 Financial Statements and Exhibits.
Exhibit 99.1 - Press Release issued on June 10, 2014, by Rent-A-Center, Inc.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
RENT-A-CENTER, INC. | |||||
Date: June 10, 2014 | By: | /s/ Dawn M. Wolverton | |||
Dawn M. Wolverton | |||||
Vice President - Assistant General Counsel and Secretary | |||||
EXHIBIT INDEX
Exhibit No. | Description | |
99.1 | Press Release issued on June 10, 2014, by Rent-A-Center, Inc. | |
Exhibit 99.1
For Immediate Release:
RENT-A-CENTER, INC.
ANNOUNCES TWO KEY EXECUTIVE APPOINTMENTS
Plano, Texas, June 10, 2014 - Rent-A-Center, Inc. (the “Company”) (NASDAQ/NGS: RCII), the nation’s largest rent-to-own operator, today announced the appointment of two new senior executives.
The Company named Guy J. Constant as Executive Vice President - Finance, Chief Financial Officer and Treasurer effective as of June 16, 2014. As chief financial officer, Mr. Constant will be responsible for all aspects of the financial operations of the Company, and will play a key role in developing and executing the Company’s strategic plan. He will report to Robert D. Davis, Chief Executive Officer of the Company.
“We are very excited to have Guy join our team. Guy is a highly accomplished executive with a broad understanding of retail finance and operations. His depth of experience in multi-unit, geographically dispersed retail operations and proven leadership skills make him the ideal candidate to join our team as we continue to execute on the exciting transformational initiatives currently under way at Rent-A-Center,” said Mr. Davis.
Mr. Constant was previously employed by Brinker International, Inc. and held several key financial positions over his 10-year tenure, most recently serving as Executive Vice President, Chief Financial Officer and President of Global Business Development, from January 2013 until March 2014; Executive Vice President and Chief Financial Officer, from September 2010 to January 2013; Senior Vice President of Finance, from May 2008 to September 2010; Vice President of Strategic Planning, Analysis and Investor Relations, from September 2005 to May 2008; and Senior Director of Compensation, from November 2004 to September 2005.
Prior to Brinker, Mr. Constant spent nine years at AMR Corporation, the parent of American Airlines, in various finance positions of increasing scope and responsibility. Mr. Constant earned his Bachelor of Arts in Economics and Political Science from the University of Manitoba, and a Master of Business Administration from the University of Western Ontario.
"I am very pleased to be joining Rent-A-Center and the strong leadership team Robert has assembled,” said Mr. Constant. “I look forward to working with the team to build new competencies and capabilities that will strengthen and sustain Rent-A-Center’s market-leading position,” he concluded.
The Company also named Jody Diaz as Senior Vice President - Human Resources and Chief People Officer effective as of June 16, 2014.
A seasoned human resources executive, Ms. Diaz has led the human resources function for a variety of large employers. Most recently, she served as Senior Vice President of Human Resources for Ace Cash Express, a leading retailer of financial services. Prior to that she served as Chief Human Resources Officer for United Surgical Partners International, a then publicly traded company with over 10,000 employees.
Reporting to Rent-A-Center Executive Vice President and Chief Administrative Officer Chris Korst, Ms. Diaz is charged with the development and implementation of value-added human resources and organizational development programs aligned with strategic operational and profit objectives.
“Jody has distinguished herself as a highly accomplished HR leader with a diverse set of skills honed over 18 years at a number of multi-unit businesses,” said Mr. Korst. “She’s clearly a strong fit for us and we’re pleased to have her on board.”
Ms. Diaz earned a Master of Business Administration in organizational development from the University of Dallas and a Bachelor’s in Accounting from the University of Saskatchewan in Canada.
“I’m delighted to join Rent-A-Center, with its outstanding business, people and reputation,” said Ms. Diaz. “I look forward to aligning the people agenda with the growing business initiatives and ensuring that we retain, develop and attract a best-in-class workforce.”
Rent-A-Center, Inc., headquartered in Plano, Texas, is the largest rent-to-own operator in North America, focused on improving the quality of life for its customers by providing them the opportunity to obtain ownership of high-quality, durable goods such as consumer electronics, appliances, computers, furniture and accessories, under flexible rental purchase agreements with no long-term obligation. The Company owns and operates approximately 3,170 stores in the United States, Canada, Mexico and Puerto Rico, and approximately 1,355 AcceptanceNOW kiosk locations in the United States and Puerto Rico. Rent-A-Center Franchising International, Inc. (previously ColorTyme, Inc.), a wholly owned subsidiary of the Company, is a franchisor of approximately 180 rent-to-own stores operating under the trade name of “Rent-A-Center,” “ColorTyme,” or “RimTyme.” For additional information about the Company, please visit www.rentacenter.com.
Contact for Rent-A-Center, Inc.:
David E. Carpenter Vice President of Investor Relations (972) 801-1214 david.carpenter@rentacenter.com |