World Acceptance Corporation (NASDAQ: WRLD) (the “Company”) today
announced that A. Alexander (Sandy) McLean, III will retire as CEO and
as a director of the Company effective September 30, 2015 after 26 years
of service. Pursuant to the Company’s succession planning, the Board of
Directors intends to appoint Ms. Janet Lewis Matricciani, the Company’s
current Chief Operating Officer, to succeed Mr. McLean as CEO effective
upon his retirement. In the meantime, Ms. Matricciani will be named to
the Board of Directors to fill a current vacancy. Ms. Matricciani has
served as Chief Operating Officer since January 2014. Mr. Ken R.
Bramlett, Jr., the Company’s current Lead Independent Director who has
served on the Board since 1993, will assume the role of Chairman of the
Board effective upon Mr. McLean’s retirement.
Mr. McLean, who has been the Company’s CEO since 2006 and served in
numerous capacities prior to that time, has overseen the transformation
of the Company during his many years at the helm.
“I want to sincerely thank Sandy for his extraordinary service and
contributions to our Company during his long and distinguished career
with World,” said Mr. Bramlett. “Sandy’s leadership and dedication have
been instrumental to our growth and success over these many years. We
will certainly miss Sandy and wish him all the best in the next phase of
his life. And though Sandy is a tough act to follow, we are confident in
Janet’s abilities to transition into the CEO role and lead the Company
going forward.”
“I have been extremely privileged to be a part of the World Acceptance
team for these many years and to have worked with so many talented and
dedicated colleagues in order to grow our Company and position it for
future success,” said Mr. McLean. “I feel that this is the appropriate
time to move forward with our succession plan, and I look forward to
supporting Janet and the Company in a smooth transition and thereafter
enjoying my retirement and other interests.”
About World Acceptance Corporation
World Acceptance Corporation is one of the largest small-loan consumer
finance companies, operating 1,320 offices in 15 states and Mexico. It
is also the parent company of ParaData Financial Systems, a provider of
computer software solutions for the consumer finance industry.
Forward-Looking Statements
This press release contains various “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995 that
represent the Company’s expectations or beliefs concerning future
events. Statements other than those of historical fact, as well as those
identified by the words “anticipate,” “estimate,” ”intend,” “plan,”
“expect,” “believe,” “may,” “will,” “should,” “would, “could” and any
variation of the foregoing and similar expressions are forward-looking
statements. Such forward-looking statements are about matters that are
inherently subject to risks and uncertainties. Factors that could cause
actual results or performance to differ from the expectations expressed
or implied in such forward-looking statements include the following:
whether the Company can successfully implement its succession and
transition plans upon Mr. McLean’s retirement; recently enacted,
proposed or future legislation and regulation and the manner in which it
is implemented; the nature and scope of regulatory authority,
particularly discretionary authority, that may be exercised by
regulators, including, but not limited to, the Consumer Financial
Protection Bureau (the “CFPB”), having jurisdiction over the Company’s
business or consumer financial transactions generically; the
unpredictable nature of regulatory proceedings and litigation; any
determinations, findings, claims or actions made or taken by the CFPB,
other regulators or third parties in connection with or resulting from
the previously disclosed CFPB investigation that assert or establish
that the Company’s lending practices or other aspects of its business
violate applicable laws or regulations; the impact of changes in
accounting rules and regulations, or their interpretation or
application, which could materially and adversely affect the Company’s
reported financial statements or necessitate material delays or changes
in the issuance of the Company’s audited financial statements; the
Company’s assessment of its internal control over financial reporting,
and the timing and effectiveness of the Company’s efforts to remediate
any reported material weakness in its internal control over financial
reporting; changes in interest rates; risks related to expansion and
foreign operations, including but not limited to foreign currency
exchange fluctuations; risks inherent in making loans, including
repayment risks and value of collateral; the timing and amount of
revenues that may be recognized by the Company; changes in current
revenue and expense trends (including trends affecting delinquencies and
charge-offs); and changes in the Company’s markets and general changes
in the economy (particularly in the markets served by the Company).
These and other factors are discussed in greater detail in Part I, Item
1A, “Risk Factors” in the Company’s most recent annual report on Form
10-K for the fiscal year ended March 31, 2015 filed with the Securities
and Exchange Commission (“SEC”) and the Company’s other reports filed
with, or furnished to, the SEC from time to time. The Company does not
undertake any obligation to update any forward-looking statements it
makes. The Company is also not responsible for updating the information
contained in this press release beyond the publication date, or for
changes made to this document by wire services or Internet services.
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