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July 18, 2014 /PRNewswire/ -- The Voting Shareholder of EZCORP, Inc. (NASDAQ: EZPW), a leading provider of easy cash solutions for consumers, today announced, effective immediately, the appointment of
Lachlan P. Given as a director and non-Executive Chairman of the Board, and the removal of
Paul Rothamel as Director, President and Chief Executive Officer,
William Love as Chairman and
Joseph Beal as Director. The actions were taken by MS Pawn Corporation, which is the Voting Shareholder and the beneficial owner of 100% of EZCORP's outstanding Class B Voting Common Stock, which it has owned since the Company was listed on NASDAQ in 1991. Phillip Ean Cohen owns 100% of the Voting Shareholder.
Following these actions, the Board of Directors of EZCORP is comprised of four directors, including three currently serving directors,
Pablos Lagos Espinosa,
Santiago Creel Miranda and
Charles A. Bauer. Executed shareholder consents have been delivered by the Voting Shareholder to effect the changes. The Company and the Voting Shareholder intend to announce the appointment of an Interim CEO shortly.
Mr. Given said, "The changes to the composition of the Board and management have been made to address and significantly improve the operating and financial performance of EZCORP, to strengthen corporate and regulatory governance and to realign corporate strategies in support of all shareholder interests. We are confident that EZCORP will now be able to capitalize more effectively on its growth opportunities and return to creating significant value for its shareholders."
Mr. Given continued, "I look forward to working with and expanding the Board and management team of EZCORP in order to achieve its full potential. As representatives of all EZCORP shareholders, the Board will refocus on guiding and overseeing the execution of the Company's corporate strategy in order to pursue existing and emerging domestic and global opportunities in specialty finance and non-standard banking."