Encore Capital Group (NASDAQ:ECPG) today announced that President
and Chief Executive Officer (CEO) Ken Vecchione will be leaving the
company to become the President of Western Alliance Bancorporation.
Following Encore’s long-established succession plan, Ashish Masih
will become Encore’s President and CEO, which follows his recent
appointment as President of the company’s subsidiary Midland Credit
Management. Mr. Vecchione will remain in his role at Encore until
the 2017 annual stockholders meeting on June 15, 2017, to ensure a
smooth transition of his duties to Mr. Masih. At the upcoming 2017
stockholders meeting, Mr. Vecchione will not stand for re-election
to the Board of Encore, and Mr. Masih will be appointed as a
director following the meeting. In connection with the transition,
Paul Grinberg will be appointed as President, International, and
will become the Chairman of the Board of Cabot Credit Management,
Encore’s U.K. subsidiary.
“It was a difficult decision to leave this
outstanding management team and company. However, I was presented
with an opportunity I could not turn down,” said Mr. Vecchione. “I
believe Encore is stronger than when I joined four years ago and,
with a mature and experienced leadership team, it is well
positioned to take advantage of market dynamics as they shift in
the company’s favor. I’m proud of everything we’ve accomplished
together at Encore. Ashish possesses a deep understanding of the
company, its operations and the industry, and I believe he is the
ideal person to take over when I step down.”
“I look forward to leading Encore and its more
than 6,700 employees around the world,” said Mr. Masih. “I’m well
prepared and highly confident in our consumer-centric approach, our
demonstrated success in driving improved liquidations, and our
strong capital stewardship. We have a bright future.”
“On behalf of our Board and employees, I want to
thank Ken for his many contributions to Encore,” said Chairman of
the Board Willem Mesdag. “He helped Encore adapt and grow in a
challenging business and regulatory environment, and his focus on
geographic diversification, cost reduction, improved liquidation
and returns on invested capital will benefit the company for years
to come.”
“The Board is pleased to have Ashish serve as
Encore’s next President and Chief Executive Officer. We have worked
with Ashish for many years, and his diverse background and
demonstrated competence in operations, corporate strategy,
regulatory affairs and technology continue to impress us,” added
Mr. Mesdag. “We are equally excited by the expansion of Paul’s role
and his continued oversight of our international strategies and
holdings. The company is well-served by his intellect and
experience in the industry.”
Mr. Masih joined Encore in 2009, and is
responsible for internal call centers, decision science and
analytics, legal collections, marketing, and all other domestic
operations. Mr. Masih also oversees Encore’s Asset Reconstruction
Company, which is now operational and is purchasing debt portfolios
in India. Prior to joining Encore, Mr. Masih was at Capital One
Financial Corporation where he held various collections-related
roles, as well as serving as the CFO/Head of Analytics for a
business unit. Previously, he was an Associate Principal at
McKinsey & Company and a Manager at KPMG Consulting. Mr. Masih
earned an MBA from The Wharton School of the University of
Pennsylvania, a Master of Science in Manufacturing Systems
Engineering from Lehigh University and a bachelor’s degree in
Mechanical Engineering from the Indian Institute of Technology in
New Delhi, India.
Mr. Grinberg joined Encore in 2004, and has held
various positions at the company, including Group Executive,
International and Corporate Development, and Chief Financial
Officer. Mr. Grinberg serves as Chairman of the Board and the
Compensation Committee at BofI Holding, Inc., and holds the same
positions at its wholly owned subsidiary, Bank of Internet USA, an
FDIC insured branchless bank. Previously, he was a partner in the
Merger and Acquisition Services Group of Deloitte & Touche LLP.
He received his bachelor’s degree in accounting from Yeshiva
University in 1983 and his MBA from Columbia University in 1989.
About Encore Capital Group, Inc.
Encore Capital Group is an international
specialty finance company that provides debt recovery solutions and
other related services for consumers across a broad range of
financial assets. Through its subsidiaries around the globe, Encore
purchases portfolios of consumer receivables from major banks and
credit unions.
Encore partners with individuals as they repay
their debt obligations, helping them on the road to financial
recovery and ultimately improving their economic well-being. Encore
is the first and only company of its kind to operate with
a Consumer Bill of Rights that provides industry-leading
commitments to consumers. Headquartered in San Diego, Encore is a
publicly traded NASDAQ Global Select company (ticker symbol: ECPG)
and a component stock of the Russell 2000, the S&P Small Cap
600 and the Wilshire 4500. More information about the company can
be found at http://www.encorecapital.com. More
information about the Company's Cabot Credit Management subsidiary
can be found at http://www.cabotcm.com. Information found on the
company’s or Cabot’s website is not incorporated by reference.
Forward Looking Statements
The statements in this press release that are
not historical facts, including, most importantly, those statements
preceded by, or that include, the words “will,” “may,” “believe,”
“projects,” “expects,” “anticipates” or the negation thereof, or
similar expressions, constitute “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
(the “Reform Act”). These statements may include, but are not
limited to, statements regarding our future operating results,
performance, business plans or prospects. For all “forward-looking
statements,” the Company claims the protection of the safe harbor
for forward-looking statements contained in the Reform Act. Such
forward-looking statements involve risks, uncertainties and other
factors which may cause actual results, performance or achievements
of the Company and its subsidiaries to be materially different from
any future results, performance or achievements expressed or
implied by such forward-looking statements. These risks,
uncertainties and other factors are discussed in the reports filed
by the Company with the Securities and Exchange Commission,
including the most recent reports on Forms 10-K and 10-Q, each as
it may be amended from time to time. The Company disclaims any
intent or obligation to update these forward-looking
statements.
Contact:
Bruce Thomas
Encore Capital Group, Inc.
Vice President, Investor Relations
(858) 309-6442
bruce.thomas@encorecapital.com
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