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 be missed."

A spokesperson for Rent a Center CEO Mark Speese stated, "We wish him well in his endeavors".

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update
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

update
Theresa Sheffield, President of Bestway could not be reached. Chief Financial Officer Beth Durrett declined comment
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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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