The first retail CEO resignation of 2018 is…
The chief executive of Rent-A-Center has stepped down—again.
The rent-to-own retailer announced that Mark E. Speese has decided to resign as CEO. He has been replaced by Mitchell E. Fadel, former president and COO of Rent-A-Center and a current member of its board, effective immediately. In announcing the change, the company also reiterated its commitment to its previously announced plan to explore "strategic alternatives."
Speese is the founder of Rent-A-Center and this was his second stint as the chain’s chief executive. He served as Rent-A-Center’s CEO from October 2001until January 2014. In January 2017, he returned as interim CEO, taking on the role permanently in April.
“With the company having entered its current transitional phase, and the improvements in the company’s portfolio as reported over the past several months, I believe now is an appropriate time for me to move on from the company,” stated Speese.
Rent-A-Center has been under pressure from activist investor Engaged Capital to explore a sale. In October, it announced it had initiated a process to explore strategic and financial alternatives focused on maximizing stockholder value, including a sale. Its chairman, Steven Pepper, subsequently resigned, saying he disagreed with the decision. New CEO Fadel was among the board members nominated by Engaged Capital, who won a seat last year, Furniture Today reported.
The rent-to-own retailer announced that Mark E. Speese has decided to resign as CEO. He has been replaced by Mitchell E. Fadel, former president and COO of Rent-A-Center and a current member of its board, effective immediately. In announcing the change, the company also reiterated its commitment to its previously announced plan to explore "strategic alternatives."
Speese is the founder of Rent-A-Center and this was his second stint as the chain’s chief executive. He served as Rent-A-Center’s CEO from October 2001until January 2014. In January 2017, he returned as interim CEO, taking on the role permanently in April.
“With the company having entered its current transitional phase, and the improvements in the company’s portfolio as reported over the past several months, I believe now is an appropriate time for me to move on from the company,” stated Speese.
Rent-A-Center has been under pressure from activist investor Engaged Capital to explore a sale. In October, it announced it had initiated a process to explore strategic and financial alternatives focused on maximizing stockholder value, including a sale. Its chairman, Steven Pepper, subsequently resigned, saying he disagreed with the decision. New CEO Fadel was among the board members nominated by Engaged Capital, who won a seat last year, Furniture Today reported.