EZCORP Executive Chairman Sterling Brinkley to Retire
AUSTIN, Texas, April 7, 2014 (GLOBE NEWSWIRE) -- EZCORP, Inc. (Nasdaq:EZPW)
today announced that Sterling Brinkley, Executive Chairman of the Board, has
informed the company that he intends to retire as Executive Chairman and as a
member of the board of directors, effective June 30, 2014.
Mr. Brinkley has served as EZCORP's Executive Chairman since 1989. Under his
leadership, the company has increased annual revenues to more than $1 billion;
has grown to 1,400 locations and branches worldwide; has expanded
internationally with growth in Mexico, Canada and the U.K. as well as
significant affiliated relationships in Australia; and has diversified its
activities from a single channel, locally oriented, store-front-based pawn
business to a multiple product, multiple channel, internationally oriented
specialty consumer finance business.
Also during Mr. Brinkley's tenure, EZCORP was recognized as one of Forbes' 200
Best Small Companies (2006); Business Week's 100 Hot Growth Companies (2007);
and one of Fortune's 100 Fastest Growing Companies (2010 and 2011).
Paul Rothamel, EZCORP's President and Chief Executive Officer, said, "On
behalf of the entire EZCORP family, I would like to thank Sterling for his
service to EZCORP over the past 25 years. Sterling has been an outstanding
leader, and we are grateful for his many valuable contributions to our
success. While Sterling was Executive Chairman, EZCORP grew from a small Texas
business to an international leader in the pawn and specialty consumer finance
market with more than 7,600 employees and 1,400 stores and locations around
the world. The company has been the beneficiary of his vision and guidance,
and we wish him the very best."
Mr. Brinkley stated: "The past 25 years with EZCORP have been the highlight of
my career. It has been a pleasure to learn from and interact with so many
talented people in every part of the business. I am proud of our many
accomplishments and successes and I believe the current management team is
fully capable of achieving even more. The challenges facing this business are
substantial, but those challenges create immense opportunities, and I am
highly confident that the EZCORP team is built for the challenge."
In light of Mr. Brinkley's retirement, the Board of Directors has formed a
Governance Committee consisting of the company's independent directors. This
committee will evaluate board structure and other corporate governance matters
with the assistance of outside legal and governance advisors.
EZCORP, Inc. is a leader in delivering easy cash solutions to our customers
across channels, products, services and markets. With approximately 7,600
teammates 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. We
offer these products through four primary channels: in-store, online, at the
worksite and through our mobile platform. 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 payroll deduction 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, and an investment in Albemarle & Bond Holdings
PLC, a U.K. pawnbroking business.
For the latest information on EZCORP, please visit our website at:
This announcement contains certain forward-looking statements regarding the
company's expected operating and financial performance for future periods.
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
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