GREENVILLE, S.C.--(BUSINESS WIRE)--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.
