- Promotes Brian Fisher to EVP and Chief
Strategy and Development Officer -
- Elevates Catherine Atwood to SVP, General
Counsel, and Secretary -
- Further Strengthens Senior Team to Execute on
Omni-Channel Growth Strategy -
Regional Management Corp. (NYSE: RM), a diversified consumer
finance company, announced today that it has appointed Harpreet
(“Harp”) Rana as its new Executive Vice President and Chief
Financial Officer, effective on or before November 23, 2020.
“We are thrilled to welcome Harp to Regional as our new CFO.
Harp has a strong finance background, and we believe she will be a
key contributor to our long-term digital and growth efforts,” said
Rob Beck, President and Chief Executive Officer of Regional
Management Corp. “Harp’s extensive financial expertise and success
in steering digital initiatives and innovation at Citi make her an
ideal fit as we continue to invest in and enhance our omni-channel
and digital capabilities. At the same time, I also want to thank
Mike Dymski for his valuable contributions as our interim CFO. Mike
is an important asset to our company, and I look forward to
continuing to work closely with him during his remaining tenure as
interim CFO and in his ongoing role as Chief Accounting
Officer.”
Ms. Rana has 20 years of financial services experience, with
extensive skills related to capital and credit management, driving
profitable portfolio growth, digital product development and
transformation, and retail banking management. Ms. Rana was most
recently Managing Director, North America Retail Bank at Citigroup.
She also held various additional lead positions in both business
and finance roles at Citigroup, including Head of US Retail Deposit
& Lending Products. Ms. Rana received her BA from the
University of British Columbia in Vancouver, Canada and her MBA
from the University of Rochester in Rochester, New York.
“I am delighted and honored to lead Regional’s finance team and
to become a significant contributor to Regional’s ongoing
omni-channel and digital evolution,” said Ms. Rana. “Regional has
performed very well during this challenging period, maintaining a
particularly strong balance sheet, and I look forward to closely
collaborating with Regional’s extremely talented team of
professionals to further grow both its top and bottom lines in the
years to come.”
In addition, Regional announced today that it has promoted Brian
Fisher to Executive Vice President and Chief Strategy and
Development Officer from his prior role as EVP, General Counsel,
and Secretary. In his new role, Mr. Fisher will lead strategic
planning, product development, and corporate development, among
other responsibilities. Regional also announced that it has
promoted Catherine Atwood to Senior Vice President, General
Counsel, and Secretary from her prior role as VP, Deputy General
Counsel, and Chief Compliance Officer. The promotions of Mr. Fisher
and Ms. Atwood are effective immediately.
“We are excited to promote Brian and Catherine, who have both
done a terrific job in their respective roles and are well-prepared
to take on additional responsibilities,” added Mr. Beck. “Brian has
been a stalwart for Regional for years, as well as a loyal and
trusted partner, and I am confident in his ability to lead our
strategic growth initiatives. Likewise, Catherine’s extensive
knowledge and skill have helped to ensure that our compliance
management system functions smoothly, and she is more than ready to
take on the role of General Counsel.”
Today’s moves further strengthen Regional’s senior team and
firmly position the company going forward as it invests in its
digital capabilities and omni-channel strategy to expand market
share, as well as generate long-term growth and value for
shareholders.
About Regional Management Corp.
Regional Management Corp. (NYSE: RM) is a diversified consumer
finance company that provides attractive, easy-to-understand
installment loan products primarily to customers with limited
access to consumer credit from banks, thrifts, credit card
companies, and other lenders. Regional Management operates under
the name “Regional Finance” in 368 branch locations across 11
states in the Southeastern, Southwestern, Mid-Atlantic, and
Midwestern United States, as of June 30, 2020. Most of its loan
products are secured, and each is structured on a fixed rate, fixed
term basis with fully amortizing equal monthly installment
payments, repayable at any time without penalty. Regional
Management sources loans through its multiple channel platform,
which includes branches, centrally-managed direct mail campaigns,
digital partners, retailers, and its consumer website. For more
information, please visit www.RegionalManagement.com.
Forward-Looking Statements
This press release may contain various “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are not statements
of historical fact but instead represent Regional Management
Corp.’s expectations or beliefs concerning future events.
Forward-looking statements include, without limitation, statements
concerning future plans, objectives, goals, projections,
strategies, events, or performance, and underlying assumptions and
other statements related thereto. Words such as “may,” “will,”
“should,” “likely,” “anticipates,” “expects,” “intends,” “plans,”
“projects,” “believes,” “estimates,” “outlook,” and similar
expressions may be used to identify these forward-looking
statements. Such forward-looking statements speak only as of the
date on which they were made and are about matters that are
inherently subject to risks and uncertainties, many of which are
outside of the control of Regional Management. As a result, actual
performance and results may differ materially from those
contemplated by these forward-looking statements. Therefore,
investors should not place undue reliance on forward-looking
statements.
Factors that could cause actual results or performance to differ
from the expectations expressed or implied in forward-looking
statements include, but are not limited to, the following: changes
in general economic conditions, including levels of unemployment
and bankruptcies; the impact of the recent outbreak of a novel
coronavirus (COVID-19), including on Regional Management’s access
to liquidity and the credit risk of Regional Management’s finance
receivable portfolio; risks associated with Regional Management’s
ability to timely and effectively implement, transition to, and
maintain the necessary information technology systems,
infrastructure, processes, and controls to support its operations
and initiatives; risks associated with Regional Management’s loan
origination and servicing software system, including the risk of
prolonged system outages; risks related to opening new branches,
including the ability or inability to open new branches as planned;
risks inherent in making loans, including credit risk, repayment
risk, and value of collateral, which risks may increase in light of
adverse or recessionary economic conditions; risks associated with
the implementation of new underwriting models and processes,
including as to the effectiveness of new custom scorecards; risks
relating to Regional Management’s asset-backed securitization
transactions; changes in interest rates; the risk that Regional
Management’s existing sources of liquidity become insufficient to
satisfy its needs or that its access to these sources becomes
unexpectedly restricted; changes in federal, state, or local laws,
regulations, or regulatory policies and practices, and risks
associated with the manner in which laws and regulations are
interpreted, implemented, and enforced; changes in accounting
standards, rules, and interpretations, and the failure of related
assumptions and estimates, including those associated with the
implementation of current expected credit loss (CECL) accounting;
the impact of changes in tax laws, guidance, and interpretations;
the timing and amount of revenues that may be recognized by
Regional Management; changes in current revenue and expense trends
(including trends affecting delinquencies and credit losses);
changes in Regional Management’s markets and general changes in the
economy (particularly in the markets served by Regional
Management); changes in the competitive environment in which
Regional Management operates or a decrease in the demand for its
products; risks related to acquisitions; changes in operating and
administrative expenses; and the departure, transition, or
replacement of key personnel. The COVID-19 pandemic may also
magnify many of these risks and uncertainties.
The foregoing factors and others are discussed in greater detail
in Regional Management’s filings with the Securities and Exchange
Commission. Regional Management will not update or revise
forward-looking statements to reflect events or circumstances after
the date of this press release or to reflect the occurrence of
unanticipated events or the non-occurrence of anticipated events,
whether as a result of new information, future developments, or
otherwise, except as required by law. Regional Management is not
responsible for changes made to this document by wire services or
Internet services.
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version on businesswire.com: https://www.businesswire.com/news/home/20200930005866/en/
Investor Relations Garrett Edson, (203) 682-8331
investor.relations@regionalmanagement.com
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