ATLANTA, March 18, 2013 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX), the world's leading provider of recovery audit services and the pioneer in Profit Discovery TM, announced today that Mark Walters has joined the Company as a Managing Director in the Company's Contract Compliance practice.
The focus of this practice is to ensure PRGX clients maximize their contractual revenue and minimize expense overpayments while reducing enterprise risk. Through its Contract Compliance and related services, PRGX teams identify significant economic findings on behalf of our clients, while strengthening their controls moving forward.
"We are pleased that Mark has decided to return to PRGX, the company where he started his career in the 1990's," said Romil Bahl, PRGX president and CEO. "Given our 40+ years of experience in mining vendor contracts and AP data in search of anomalies, the areas of Contract Compliance, Fraud Detection & Remediation and Risk Management are natural adjacencies to our core Recovery Audit services," added Bahl.In connection with Mr. Walters' employment, on March 13, 2013, the Company granted equity awards to Mr. Walters consisting of 20,000 shares of restricted stock, as well as options to purchase 20,000 shares of the Company's common stock with an exercise price equal to $7.14 per share, the closing price of the common stock on the grant date. The vesting of the restricted stock and options will occur on a cumulative basis, if at all, on April 30, 2014, April 30, 2015 and April 30, 2016, with one-third of the restricted stock and options becoming eligible to vest on each date, subject to the employee's continued employment with the Company and the employee's achievement of certain cumulative revenue criteria during the March 13, 2013 through March 31, 2016 period. The restricted stock and options also vest in full in the event of a change in control of the Company, provided the employee remains continuously employed by the Company until such event.