– USA, TX – Cash America International, Inc. (NYSE: CSH) announced today that its Board of Directors has selected Mr. T. Brent Stuart, the Company’s current President and Chief Operating Officer, to become the Company’s President and Chief Executive Officer, effective November 1, 2015 following the previously announced retirement of Mr. Daniel R. Feehan, the Company’s current Chief Executive Officer, on October 31, 2015.
Mr. Stuart joined the Company in November 2008, and prior to serving in his current role as the Company’s President and Chief Operating Officer, Mr. Stuart served as the Company’s Executive Vice President and Chief Operating Officer from January 2015 – April 2015, as the Senior Vice President – Operations for the Company’s U.S. retail services storefront lending business from July 2010 to January 2015 and as Regional Vice President from November 2008 to July 2010. Prior to joining the Company, Mr. Stuart held various senior leadership roles in the financial services industry.
Commenting on the promotion of Mr. Stuart to President and Chief Executive Officer, Mr. James H. Graves, Chairman of the Chief Executive Officer Search Committee of the Company’s Board of Directors said, “During his tenure at the Company, Brent Stuart has demonstrated success with the key characteristics the Board was seeking in a successor to Mr. Feehan. He has proven to be a respected leader throughout the organization with high standards for integrity, fairness, transparency and accountability. Brent possesses a deep understanding of our business model and strong business and financial acumen and has impressed the Board with both his action-oriented execution skills and his strategic thinking abilities and vision. We are extremely excited about the future of our Company under Brent’s leadership.”
On his appointment as the Company’s next Chief Executive Officer, Mr. T. Brent Stuart said, “I am honored that the Board has asked me to serve as the Company’s next Chief Executive Officer. I look forward to continuing to build on the growth and success Cash America has seen under Dan Feehan’s tremendous, long-standing leadership. I am also very pleased that during this important transition period the Company and our management team will continue to have access to Mr. Feehan’s invaluable experience and advice in his role as our Company’s Executive Chairman.”
As previously announced, Mr. Feehan will remain employed by the Company until April 30, 2020, serving in a non-officer advisory role following his retirement from the role of Chief Executive Officer on October 31, 2015. Mr. Feehan will remain on the Company’s Board of Directors following his retirement and will serve as Executive Chairman of the Board from November 1, 2015 through October 31, 2016 and then will serve as the non-executive Chairman of the Board from November 1, 2016 through April 30, 2020, subject to his re-election to the Company’s Board each year by the Company’s shareholders. Jack Daugherty, the Company’s founder and current Chairman of the Board, will continue to serve as Chairman until November 1, 2015, at which time he will step down as Chairman but will continue to serve on the Board.
About the Company
As of June 30, 2015 Cash America International, Inc. operated 904 total locations offering specialty financial services to consumers, which included the following:
826 lending locations in 20 states in the United States primarily under the names “Cash America Pawn,” “SuperPawn,” “Cash America Payday Advance,” and “Cashland;” and 78 check cashing centers (all of which are unconsolidated franchised check cashing centers) operating in 12 states in the United States under the name “Mr. Payroll.”
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