Business Context and Reporting Period
This Form 8-K is a current report filed by Rent-A-Center, Inc. (not Upbound Group, Inc.) on December 6, 2017. The filing addresses a corporate governance event under Item 5.02 regarding the appointment of a new Chairman of the Board.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity figures. This report focuses exclusively on personnel changes and compensation arrangements.
Material Changes
The primary material change reported is the appointment of J.V. Lentell as Chairman of the Board of Directors, effective December 6, 2017. Mr. Lentell has served on the Board since 1995 and previously acted as Lead Director from 2009 to 2014.
Management Commentary and Compensation
Management highlighted Mr. Lentell's 50-plus years of banking experience and his deep understanding of the Company's growth and capital needs. His compensation for the new role includes:
- Standard compensation consistent with non-employee directors as described in the 2017 Proxy Statement.
- An additional cash retainer of $80,000 per year.
Investor Verification Checklist
- Verify the exact terms of the standard non-employee director compensation referenced in the 2017 Proxy Statement.
- Confirm the effective date of the Chairman appointment (December 6, 2017).
- Review Mr. Lentell's prior service history as Lead Director and his external board affiliations (e.g., Intrust Bank, N.A.).