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):

August 7, 2015

 

Rent-A-Center, Inc.

(Exact Name of Registrant as Specified in Charter)

 

Delaware

 

0-25370

 

45-0491516

(State or other jurisdiction

 

(Commission File Number)

 

(IRS Employer

of incorporation)

 

 

 

Identification No.)

 

5501 Headquarters Drive
Plano, Texas  75024

(Address of principal executive offices, including zip code)

 

(972) 801-1100

(Registrant’s telephone number including area code)

 

Not Applicable

(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:

 

¨            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-14(c) under the Exchange Act (17 CFR 240.13e-14(c))

 

 

 



 

Item 5.02                                           Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.

 

On August 13, 2015, Rent-A-Center, Inc. (the “Company”) announced the resignation of Mitchell E. Fadel, President and Chief Operating Officer, effective August 28, 2015, to become the President, U.S. Pawn of EZCORP, Inc., a company headquartered in Austin, Texas.  Upon Mr. Fadel’s resignation, his direct reports will report to Robert D. Davis, the Company’s Chief Executive Officer.

 

Item 9.01. Financial Statements and Exhibits.

 

(d)    List of Exhibits

 

Exhibit No.

 

Description

 

 

 

99.1

 

Rent-A-Center, Inc. Press Release dated August 13, 2015

 

2



 

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: August 13, 2015

 

 

By:

/s/ Dawn M. Wolverton

 

 

Dawn M. Wolverton

 

 

Vice President — Assistant General Counsel

 

 

and Secretary

 

3



 

EXHIBIT INDEX

 

Exhibit No.

 

Description

 

 

 

99.1

 

Rent-A-Center, Inc. Press Release dated August 13, 2015

 

4


Exhibit 99.1

 

For Immediate Release:

 

RENT-A-CENTER, INC. ANNOUNCES

 

MANAGEMENT TRANSITION

 


 

Plano, Texas, August 13, 2015 — Rent-A-Center, Inc. (the “Company”) (NASDAQ/NGS: RCII) today announced the resignation of Mitchell E. Fadel, President and Chief Operating Officer, effective August 28, 2015, to become the President, U.S. Pawn of EZCORP, Inc. a company headquartered in Austin, Texas.

 

“On behalf of the entire Rent-A-Center family, I would like to thank Mitch for his numerous contributions to our company,” said Robert D. Davis, Chief Executive Officer of the Company. “Since joining Rent-A-Center in 1992, Mitch’s efforts have positively impacted every aspect of our operations and strengthened our organization for the opportunities we have ahead of us. His leadership has had a major impact on the management team’s recent success in initiating and implementing positive changes in our Core U.S. operations, ranging from the introduction of our flexible labor model to our transition to a market-responsive pricing model to the development of our five new sourcing and distribution centers.”

 

Mr. Fadel stated, “I am extremely proud of the work we have done over the past 23 years as we have built Rent-A-Center into the great company that it is today. I have been especially fortunate to have worked with an incredible group of talented and professional people over the years. While I am excited for my next opportunity, I will miss Rent-A-Center and all of my former co-workers very much. I look forward to the Company’s continued success.”

 

Mr. Davis added, “I have known and worked with Mitch Fadel for more than 20 years. His friendship, integrity and commitment throughout his many years of service have always been invaluable, and he leaves our Company well-positioned for the future. We wish him nothing but the best in his next endeavor.”

 

Mr. Fadel has served as President since July 2000, as the Company’s Chief Operating Officer since December 2002 and as a director of the Company from December 2000 to November 2013. From November 1992 until July 2000, Mr. Fadel served as President and Chief Executive Officer of Rent-A-Center Franchising International, Inc., the Company’s franchising subsidiary. Prior to that, Mr. Fadel worked in the Rent-A-Center brand through various affiliates for a total of more than 32 years of association with the brand.

 

Upon Mr. Fadel’s resignation, his direct reports will report to Mr. Davis.

 

A rent-to-own industry leader, Rent-A-Center, Inc., headquartered in Plano, Texas, is 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 2,945 stores in the United States, Mexico, Canada, and Puerto Rico, and approximately 1,470 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 franchisor of approximately 185 rent-to-own stores operating under the trade names of “Rent-A-Center”, “ColorTyme” and “Rimtyme”. For additional information about the Company, please visit www.rentacenter.com.

 

Contact for Rent-A-Center, Inc.:

 

Maureen Short

Senior Vice President — Finance, Investor Relations and Treasury (972) 801-1899

maureen.short@rentacenter.com