PRGX Global, Inc. Announces Appointment of New Vice President & Global GM – Analytics and Advisory
May 26 2017 - 1:50PM
PRGX Global, Inc. (Nasdaq:PRGX), a global leader in Recovery Audit
and Spend Analytics services, today announced that Will Auchincloss
has been named Vice President & Global GM –Analytics and
Advisory, responsible for leading the Company’s Analytics and
Advisory service line. Mr. Auchincloss joins the Company from Bain
& Company, where he served as a Principal in the firm’s Retail
and Consumer Products practices, leading and executing strategic
transformations, accelerating growth and improving financial
performance of his clients. From 2006 to 2013, Mr.
Auchincloss served as Senior Vice President – Business Development
for Nutrisystem, Inc., where he was responsible for developing the
firm’s enterprise-wide strategy, mergers and acquisitions, and
expansion into adjacent businesses. Earlier in his career, Mr.
Auchincloss worked for the consulting firms MarketBridge and Mercer
Management Consulting.
“We are very excited to have Will join PRGX, and
are eager to apply his in-depth experience, skills
and knowledge to help our clients and drive results for
our Company and our stakeholders,” said Ron Stewart, President and
Chief Executive Officer.
In connection with Mr.
Auchincloss’s employment, on May 22, 2017, the Company
granted equity awards to Mr. Auchincloss consisting of
17,000 shares of restricted stock, 23,000 performance-based
restricted stock units (PBUs), and options to purchase 70,000
shares of the Company's common stock. The restricted stock and
options will vest in equal one-third increments on each of May
22, 2018, May 22, 2019, and May 22, 2020, subject to
Mr. Auchincloss’s continued employment with the Company. The
options have an exercise price of $6.25 per share. The PBUs vest
and become payable based on revenue from continuing operations and
adjusted EBITDA from continuing operations that the Company
achieves for the two year performance period ending December 31,
2018. The terms of the PBUs are consistent with the terms of the
PBUs granted to comparable Company leaders on March 30, 2017. The
restricted stock, options and PBUs also vest in full in the event
of a change in control of the Company, provided Mr. Auchincloss
remains continuously employed by the Company until such event.
The grants were approved by the compensation
committee of the Company's board of directors, which committee is
comprised solely of independent directors, and were granted as an
inducement material to Mr. Auchincloss entering into employment
with the Company in accordance with Nasdaq Listing Rule
5635(c)(4).
About PRGX
PRGX Global, Inc. is a global leader in Recovery
Audit and Spend Analytics services. With over 1,400
employees, the Company serves clients in more than 30 countries and
provides its services to 75% of the top 20 global retailers. PRGX
delivers more than $1 billion in cash flow improvement for its
clients each year. The creator of the recovery audit industry
more than 40 years ago, PRGX continues to innovate through
technology and expanded service offerings. In addition to
Recovery Audit, the Company provides Contract Compliance, Spend
Analytics and Supplier Information Management services to improve
clients’ financial performance and manage risk. For additional
information on PRGX, please visit www.prgx.com.
Forward-Looking Statements
In addition to historical information, this press
release includes certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements include both implied and express statements
regarding the Company's overall condition and growth prospects, the
Company’s execution of its transformation strategy, and the
Company’s investments in, and opportunities associated with, its
growth platforms, including its spend analytics and supplier
information services businesses. Such forward-looking statements
are not guarantees of future performance and are subject to risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company to differ materially
from the historical results or from any results expressed or
implied by such forward-looking statements. Risks that could affect
the Company's future performance include revenue that does not meet
expectations or justify costs incurred, the Company's ability to
develop material sources of new revenue in addition to revenue from
its core recovery audit services, changes in the market for the
Company's services, the Company's ability to retain and attract
qualified personnel, the Company's ability to integrate recent and
future acquisitions, uncertainty in the credit markets, the
Company's ability to maintain compliance with its financial
covenants, client bankruptcies, loss of major clients, and other
risks generally applicable to the Company's business. For a
discussion of other risk factors that may impact the Company's
business, please see the Company's filings with the Securities and
Exchange Commission, including its Form 10-K filed on March 16,
2017. The Company disclaims any obligation or duty to update or
modify these forward-looking statements
This news release was distributed by
GlobeNewswire, www.globenewswire.com
CONTACT: PRGX Global, Inc.
Ron Stewart, President and Chief Executive Officer
770.779.3900
600 Galleria Parkway, Suite 100
Atlanta, GA 30339
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