David Kraemer, Executive Vice President of Rent A Center, announced his
resignation to pursue other opportunities. Sources say Mr. Kraemer will be named
the new President and CEO of competitor Bestway Inc.
A source close to the EVP said "He was a great operator and well liked...he will
A spokesperson for Rent a Center CEO Mark Speese stated, "We wish him well in
After a brief transition period, Theresa Sheffield, current Bestway
President, will leave the company after 14 years. R. Brooks Reed will
continue as Chairman of the Board
Theresa Sheffield, President of Bestway could not be reached. Chief Financial
Officer Beth Durrett declined comment
Bestway, the smallest of the 5 publicly traded U.S. Rent to Own companies,
operates 69 stores. The company reported an 8.1% decrease in revenue for its
most recent quarter due to the closing or selling of thirteen stores in fiscal
2002. (Bestway's fiscal year ends July 31) The trimming of
underperformers contributed to a 13% increase in pre-tax income for the quarter.
Kraemer is universally admired by his peers at Rent A Center where
there is no shortage of praise for his past performance as a Rent to
Own Professional. In our business, for a person to be referred to as a "Great
Operator" is the highest compliment.
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