PROG Holdings Appoints James P. Smith to Board of Directors

Rhea-AI Summary

PROG Holdings, Inc. (NYSE:PRG) has appointed James P. Smith to its Board of Directors as of May 11, 2021. Smith brings extensive experience in financial services and digital innovation, previously serving as the Executive Vice President at Wells Fargo. His appointment is seen as a strategic move to enhance the company's leadership at a pivotal time. The Board's Nominating and Corporate Governance Committee engaged a search firm to find candidates, ensuring alignment with the company's strategic direction. PROG Holdings focuses on lease-to-own and buy-now, pay-later solutions.

Positive

• James P. Smith's extensive experience in financial services and digital innovation is expected to bring valuable insights to the Board.
• His background in leveraging technology aligns with PROG Holdings' focus on becoming a technology-driven provider.

Negative

• Potential concerns about continuity and experience gaps with the new board member's transition.

SALT LAKE CITY, May 11, 2021 /PRNewswire/ -- PROG Holdings, Inc. (NYSE:PRG), the fintech holding company of Progressive Leasing, a leading provider of in-store and e-commerce lease-to-own solutions, and Vive Financial, which offers omnichannel second-look revolving credit products, announced today that James P. Smith has been appointed to its Board of Directors.

"Jim brings an impressive track record of deep financial services and operational expertise as a leader in leveraging digital platforms and emerging technologies, which will be highly additive to our Board," said Ray Robinson, Chairman of PROG Holdings. 

"We're pleased to welcome Jim as a new independent director," said Steve Michaels, PROG Holdings' President and Chief Executive Officer. "Jim is joining our Board at an exciting time in our Company's history and I'm looking forward to working with him as we continue to develop and advance our strategic roadmap and execute on our growth initiatives as an asset-light, technology-driven provider of lease-to-own and buy-now, pay-later solutions."

In connection with Mr. Smith's appointment, the Company's Board of Directors engaged in a thorough and deliberate process that was led by the Board's Nominating and Corporate Governance Committee. The Committee engaged executive search firm Spencer Stuart to assist it with conducting a nationwide search for potential director candidates, ensuring each candidate possessed the necessary skills and experiences to match the Company's strategic direction. 

About Jim Smith

Jim Smith is a seasoned leader and pioneer in digital, data, and financial services. Over the past 30 years, Jim has been at the forefront of leveraging technology and data in innovative ways and in developing new products. He helped create the first ever internet banking offering in 1995 and led development of many other industry firsts including mobile banking, Apple Pay, and Zelle, a digital payments network  started by a consortium of U.S. banks, including Bank of America, JPMorgan Chase, and Wells Fargo, and now owned by Early Warning Services. Most recently, Jim served on the Wells Fargo Management Committee as the Executive Vice President and Head of Wells Fargo Virtual Channels, where he was responsible for enterprise digital strategy, capabilities, and channels along with enterprise responsibility for retail contact centers (phone, email, chat). Over his career at Wells Fargo, Jim held a variety of executive positions, including as head of Enterprise Data & Analytics  and as head of the Enterprise Patent Office.

About PROG Holdings, Inc.
PROG Holdings, Inc. (NYSE:PRG) is a fintech holding company headquartered in Salt Lake City, UT, that provides transparent and competitive payment options to credit-challenged consumers. The company owns Progressive Leasing, a leading provider of in-store, e-commerce, and app-based point-of-sale lease-to-own solutions, and Vive Financial, an omnichannel provider of second-look revolving credit products. Progressive Leasing has helped millions of consumers acquire furniture, appliances, jewelry, electronics, mattresses, cell phones and other large-ticket products consumers need by utilizing a technology-based proprietary platform that provides instant decisioning results. Vive Financial offers consumers who may not qualify for traditional prime lending products a variety of second-look, revolving credit products originated through federally insured banks, including private label and Vive-branded credit cards. More information on PROG Holdings' companies can be found on their websites, https://progleasing.com and https://vivecard.com.  

 

 

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SOURCE PROG Holdings, Inc.

FAQ

Who is James P. Smith in relation to PROG Holdings?

James P. Smith has been appointed to the Board of Directors of PROG Holdings, bringing over 30 years of experience in financial services and digital innovation.

What impact does James P. Smith's appointment have on PROG Holdings?

His appointment is expected to strengthen the board's expertise in financial services and technology, supporting PROG's strategic growth initiatives.

When was James P. Smith appointed to PROG Holdings' Board of Directors?

James P. Smith was appointed on May 11, 2021.

What are the main responsibilities of PROG Holdings' Board of Directors?

The Board provides oversight and guidance on the company's strategic direction, ensuring alignment with its growth initiatives in the lease-to-own and credit services sectors.