EDMONTON, Jan. 18, 2013 /PRNewswire/ - The Cash Store Financial Services Inc. (TSX: CSF); (NYSE: CSFS) ("the Company") today announced that the Board of Directors will separate the roles of Chairman and Chief Executive Officer prior to the Company's Annual General Meeting for fiscal 2013, which will be held in early 2014 .
Mr. Gordon Reykdal will continue to hold the positions of Chairman and Chief Executive Officer until a suitable candidate has been selected to be the next Chairman. The Governance and Nominating Committee will undertake the search for a new Chairman. The Board of Directors' decision to separate the roles was based upon its careful consideration of the Company's current stage of growth and development, input from its shareholders, and to further align Cash Store Financial with corporate governance best practices.
"We appreciate the feedback and participation we have received from our shareholders," said Mr. Reykdal. "We will begin our search process and look forward to finding an individual who will add to the depth and strength of our Board. This change will also allow me additional time to focus on the growth and operations of the Company."
About Cash Store FinancialCash Store Financial is the only lender and broker of short‐term advances and provider of other financial services in Canada that is listed on the Toronto Stock Exchange (TSX: CSF). Cash Store Financial also trades on the New York Stock Exchange (NYSE: CSFS). Cash Store Financial operates 512 branches across Canada under the banners "Cash Store Financial", "Instaloans" and "The Title Store". Cash Store Financial also operates 25 branches in the United Kingdom. Cash Store Financial and Instaloans primarily act as lenders and brokers to facilitate short-term advances and provide other financial services to income-earning consumers who may not be able to obtain them from traditional banks. Cash Store Financial also provides a private-label debit card (the "Freedom" card) and a prepaid credit card (the "Freedom MasterCard") as well as other financial services, including bank accounts.