Fadel Named Rent-A-Center’s CEO
Rent-A-Center has announced the appointment of Mitchell E. Fadel, the company’s former president and chief operating officer and a current board member, as its permanent chief executive officer succeeding Mark Speese. Speese served as interim CEO for the company following the resignation of former chief executive officer and director Robert D. Davis in January of last year.
“I want to thank Mark for his decades of dedication and service to Rent-A-Center,” says J.V. Lentell, chairman of Rent-A-Center’s board of directors. “Mark is a true pioneer in the rent-to-own business, having founded this company and leading Rent-A-Center to its position as industry leader. On behalf of the entire board of directors, management team and co-workers throughout the company, we thank Mark for his countless contributions to Rent-A-Center and wish him all the best in the future.”
“It has been a privilege to help lead Rent-A-Center over so many years, and I am proud to have helped build such a talented and hard-working team,” says Speese. “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.”
Fadel assumes the position with more than 30 years of industry experience. He most recently served as EZCORP, Inc. president and Rent-A-Center’s president and chief operating officer from 2000 to 2015, as well as the company’s director and district manager prior to that. “As we continue the strategic review process and move with urgency to improve performance, we are fortunate to have a leader of Mitch’s caliber assume the role of CEO. We are grateful for his willingness to take on this important new role,” continues Lentell.
“I am honored to have the opportunity to rejoin the talented Rent-A-Center leadership team and excited about the significant opportunity ahead for the company,” shares Fadel. “I look forward to working closely with the board and management at Rent-A-Center on their continuing efforts to deliver improved financial performance and enhancing stockholder value.”
The company also recently announced that the board of directors has initiated a process to explore strategic and financial alternatives and is carefully considering a full range of options focused on maximizing stockholder value.