AUSTIN, Texas, May 21, 2014 (GLOBE NEWSWIRE) -- EZCORP, Inc. (Nasdaq:EZPW), a leading provider of easy cash solutions for consumers, today announced that its Board of Directors has elected William C. Love to the position of non-executive Chairman of the Board effective May 19, 2014. The company also announced that it has notified Madison Park, LLC that its current Advisory Services Agreement will terminate effective June 19, 2014.
Board Selects Non-Executive Chairman
After a thorough review and analysis of board structure and other corporate governance matters by its Governance Committee, the Board of Directors determined that an independent, non-executive Chairman of the Board was the best choice for the company at this stage of its growth and elected Mr. Love to the position. The board also decided to make the Governance Committee, consisting of independent directors, a permanent board committee. The company now has three permanent independent committees including Compensation and Audit.Mr. Love has served as an independent director of EZCORP since October 2008 and has been serving as Lead Director since September 2013. He also serves as chair of the board's Audit Committee. "I look forward to working with Bill as I hand off the responsibilities of the Chairman's role," said Sterling Brinkley, EZCORP's outgoing Executive Chairman. "Bill has provided EZCORP with valuable advice and counsel, thoughtful strategic guidance and an unwavering commitment to compliance, integrity and transparency. I have every confidence that he will continue serve the company and its shareholders well in his new role." Paul Rothamel, EZCORP's President and Chief Executive Officer, added, "I'd like to thank the independent directors for their careful and thoughtful work, and I want to personally congratulate Bill Love on his election as our first non-executive Chairman of the Board. I look forward to working with Bill and the rest of the board and the senior management team to continue to deliver superior service to our customers and continue to pursue superior long-term value for our shareholders."