Cash America International, Inc. (the "Company") (NYSE: CSH) announced today that its President and Chief Executive Officer, Daniel R. Feehan, has agreed to continue serving as the Company's Chief Executive Officer until October 31, 2015. In July 2014, the Company announced that Mr. Feehan was planning to retire as President and Chief Executive Officer of the Company on April 30, 2015. Mr. Feehan has also agreed to remain employed by the Company until April 30, 2020 to serve in a non-officer advisory role following his retirement from the role of Chief Executive Officer. Mr. Feehan will remain on the Company's Board of Directors following his retirement on October 31, 2015 and will serve as Executive Chairman of the Board from November 1, 2015 through October 31, 2016 and then will serve as the non-executive Chairman of the Board from November 1, 2016 through April 30, 2020, subject to his re-election to the Company's Board each year by the Company's shareholders. Jack Daugherty, the Company's founder and current Chairman of the Board, will continue to serve as Chairman until November 1, 2015, at which time he will step down as Chairman but will continue to serve on the Board. "I am pleased to continue my service as Chief Executive Officer for an additional six months while the Board's search committee completes the succession planning process and names a successor Chief Executive Officer, which is expected to occur during that timeframe. I am also honored that the Board has asked for me to serve for an additional twelve months as Executive Chairman, which will allow me to take an active role in assisting and mentoring my successor during an important transition period," said Feehan. The Company's Board of Directors is also pleased to announce that T. Brent Stuart, the Company's current Executive Vice President and Chief Operating Officer, will assume the role of President and Chief Operating Officer of the Company effective as of May 1, 2015. At that time, Mr. Feehan will step down as the Company's President, but he will continue to serve as the Company's Chief Executive Officer. In his role as President and Chief Operating Officer, Mr. Stuart will continue to oversee the Company's operations and will assume the additional responsibilities of overseeing the Company's marketing, human resources and information technology functions. Mr. Stuart has served as the Company's Executive Vice President and Chief Operating Officer since January 2015, as the Senior Vice President - Operations for the Company's U.S. retail services storefront lending business from July 2010 to January 2015 and as Regional Vice President from November 2008 to July 2010. Prior to joining the Company, Mr. Stuart held various senior leadership roles in the financial services industry.
Commenting on the promotion of Mr. Stuart to President and Chief Operating Officer, Feehan said, "Brent Stuart has been an effective and respected leader in our field operations having advanced quickly since joining the Company in 2008. His keen understanding of our business fundamentals and proven ability for successfully implementing key initiatives throughout our large field organization sets him apart from other leaders I have encountered in our industry. Expanding his leadership responsibilities today will aid in his development and bring important value to our Company."About the Company As of December 31, 2014 the Company operated 943 total locations offering specialty financial services to consumers, which included the following:
- 859 lending locations in 21 states in the United States primarily under the names "Cash America Pawn," "SuperPawn," "Cash America Payday Advance," and "Cashland;" and
- 84 check cashing centers (all of which are unconsolidated franchised check cashing centers) operating in 12 states in the United States under the name "Mr. Payroll."