PRGX Announces Appointment of New Managing Director, Commercial
November 09 2018 - 4:11PM
PRGX Global, Inc. (Nasdaq: PRGX), a global leader in Recovery Audit
and Spend Analytics services, today announced that Rick Cosgrove
has been named Managing Director, Commercial, for North America,
responsible for leading operational integration, source-to-pay
practice expansion and client revenue acceleration. Prior to
joining the Company, Mr. Cosgrove spent 26 years in the supply
chain arena – 13 years in consulting with Accenture, and 13 years
in industry with Exxon Corporation. At Accenture, Mr.
Cosgrove was a Partner in Accenture’s Supply Chain Sourcing and
Procurement practice, specializing in operations, program
management, strategy development, strategic sourcing, source-to-pay
processes, and organization and process design. While at
Exxon, Mr. Cosgrove was responsible for supply chain operations at
Exxon’s Texas manufacturing plants.
“I am excited to have Rick join the Company. We
look forward to leveraging his extensive knowledge in supply
chain,” said Michael Cochrane, Senior Vice President, Global Client
Operations.
In connection with his employment,
on November 5, 2018, the Company granted equity awards
to Mr. Cosgrove, including 6,557 shares of restricted stock,
9,836 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 November 5, 2019, November 5,
2020 and November 5, 2021, subject to Mr. Cosgrove’s
continued employment with the Company. The options have an
exercise price of $9.19 per share. The PBUs vest and become payable
based on cumulative revenue from continuing operations, cumulative
revenue from adjacent services, and cumulative adjusted EBITDA from
continuing operations, in each case, that the Company achieves for
the two-year performance period ending December 31, 2019, subject
to Mr. Cosgrove’s continued employment with the Company. The terms
of the PBUs were consistent with the terms of the PBUs granted to
comparable Company leaders on May 29, 2018. The restricted stock,
options and PBUs also vest in full in the event of a change in
control of the Company, provided Mr. Cosgrove 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 the committee
is comprised solely of independent directors, and were granted as
an inducement material to Mr. Cosgrove entering into employment
with the Company in accordance with Nasdaq Listing Rule
5635(c)(4).
About PRGXPRGX Global, Inc. is
a global leader in Recovery Audit and Spend Analytics
services. With over 1,500 employees, the Company serves
clients in more than 30 countries and provides its services to 75%
of the top 20 global retailers and over 25% of the top 50 companies
in the Fortune 500. 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 StatementsIn
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 and the Company’s execution
of its business strategy. 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. 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 & CEO
770.779.3900600 Galleria Parkway, Suite 100 Atlanta, GA 30339
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