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EZCORP Announces New Senior Executive Team

Stocks in this article: EZPW

AUSTIN, Texas, Aug. 13, 2014 (GLOBE NEWSWIRE) -- EZCORP, Inc. (Nasdaq:EZPW), a leading provider of instant cash solutions for consumers, today announced its new senior executive management team, with the addition of Stuart I. Grimshaw as Executive Chairman, the repositioning of Lachlan P. Given as Executive Vice Chairman and the appointment of Mark E. Kuchenrither as President and Chief Executive Officer.

Stuart I. Grimshaw — Mr. Grimshaw has been serving as Managing Director and Chief Executive Officer of Bank of Queensland Limited (AUST:BOQ) since November 2011. BOQ is a consumer banking and financial services institution with branches in every Australian state and territory. The company is headquartered in Brisbane, Australia, and its shares are traded on the Australian Stock Exchange.

During his tenure at BOQ, Mr. Grimshaw initiated fundamental changes to BOQ's culture, operating model and strategic direction and established a strong track record of execution. Under his leadership, BOQ's market capitalization increased from US$1.8 billion to US$4.1 billion. Over the last three years, BOQ has delivered strong consistent growth in after-tax profit, from US$28 million in 2012, to US$233 million in 2013, to a median analyst consensus after-tax profit expectation of US$277 million in 2014. In addition, a strong capital and provisioning strategy resulted in two credit rating upgrades to A-, and BOQ has been well supported by the equity markets with two global equity offerings successfully raising close to US$800 million. In Mr. Grimshaw's time at the bank, BOQ attracted and developed exceptional talent across the top four management levels and a unique culture and brand that is now well recognized by the market.

During his 30-year career in financial services, Mr. Grimshaw has held a wide variety of other roles across many functions of banking and finance, including eight years at the Commonwealth Bank of Australia, a global top 10 bank by market capitalization. At CBA, he started as Chief Financial Officer and over time became Group Executive, responsible for core business lines including Institutional and Business Banking as well as Wealth Management (Asset Management and Insurance). Prior to joining CBA, Mr. Grimshaw worked for the National Australia Bank, a global top 25 bank by market capitalization, and was the Chief Executive Officer of Great Britain, with responsibility for large UK consumer banks Yorkshire Bank and Clydesdale Bank.

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