Upbound Group Announces CEO Transition
Upbound Group (NASDAQ: UPBD) announced a significant leadership transition as CEO Mitch Fadel will retire after 40 years with the company, effective June 1, 2025. Current Executive Vice President and CFO Fahmi Karam will succeed Fadel as CEO and join the Board of Directors.
Under Fadel's leadership, the company transformed from Rent-A-Center's brick-and-mortar focus into Upbound's omni-channel lease-to-own platform, expanding to over 35,000 merchant locations and national e-commerce partners. The company also recently acquired Brigit, a financial health app.
The Board has initiated an internal and external search for a new CFO. Karam brings nearly 25 years of strategic and financial experience to the role. The transition is the result of a deliberate succession planning process, with the Board unanimously selecting Karam as the next CEO.
Upbound Group (NASDAQ: UPBD) ha annunciato una significativa transizione nella leadership, poiché il CEO Mitch Fadel si ritirerà dopo 40 anni con l'azienda, a partire dal 1° giugno 2025. L'attuale Vicepresidente Esecutivo e CFO Fahmi Karam succederà a Fadel come CEO e si unirà al Consiglio di Amministrazione.
Sotto la guida di Fadel, l'azienda si è trasformata da un focus tradizionale di Rent-A-Center a una piattaforma omni-channel lease-to-own di Upbound, espandendosi a oltre 35.000 punti vendita e partner e-commerce nazionali. L'azienda ha anche recentemente acquisito Brigit, un'app per la salute finanziaria.
Il Consiglio ha avviato una ricerca interna ed esterna per un nuovo CFO. Karam porta quasi 25 anni di esperienza strategica e finanziaria nel ruolo. La transizione è il risultato di un processo di pianificazione della successione deliberato, con il Consiglio che ha selezionato all'unanimità Karam come prossimo CEO.
Upbound Group (NASDAQ: UPBD) anunció una importante transición en el liderazgo, ya que el CEO Mitch Fadel se retirará después de 40 años en la empresa, a partir del 1 de junio de 2025. El actual Vicepresidente Ejecutivo y CFO Fahmi Karam sucederá a Fadel como CEO y se unirá a la Junta Directiva.
Durante el liderazgo de Fadel, la empresa se transformó de un enfoque tradicional de Rent-A-Center a una plataforma lease-to-own omni-canal de Upbound, expandiéndose a más de 35,000 ubicaciones de comerciantes y socios de comercio electrónico nacionales. La empresa también adquirió recientemente Brigit, una aplicación de salud financiera.
La Junta ha iniciado una búsqueda interna y externa para un nuevo CFO. Karam aporta casi 25 años de experiencia estratégica y financiera al cargo. La transición es el resultado de un proceso de planificación de sucesión deliberado, con la Junta seleccionando unánimemente a Karam como el próximo CEO.
업바운드 그룹 (NASDAQ: UPBD)는 CEO 미치 파델이 2025년 6월 1일부로 회사를 떠나 40년간의 경력을 마치게 된다고 발표했습니다. 현재의 수석 부사장 및 CFO 파흐미 카람이 파델의 후임 CEO로 임명되며 이사회에 합류합니다.
파델의 리더십 아래, 회사는 렌트-어-센터의 전통적인 오프라인 비즈니스에서 업바운드의 옴니채널 리스-투-오운 플랫폼으로 변화하였으며, 35,000개 이상의 상점 위치와 국가 전자상거래 파트너로 확장되었습니다. 최근에는 재정 건강 앱인 브리짓을 인수하였습니다.
이사회는 새로운 CFO를 위한 내부 및 외부 검색을 시작했습니다. 카람은 이 역할에 거의 25년의 전략적 및 재무 경험을 가지고 있습니다. 이번 전환은 신중한 승계 계획의 결과로, 이사회는 카람을 차기 CEO로 만장일치로 선정하였습니다.
Upbound Group (NASDAQ: UPBD) a annoncé une transition importante au sein de sa direction, le PDG Mitch Fadel prenant sa retraite après 40 ans au sein de l'entreprise, à compter du 1er juin 2025. L'actuel Vice-Président Exécutif et CFO Fahmi Karam succédera à Fadel en tant que PDG et rejoindra le Conseil d'Administration.
Sous la direction de Fadel, l'entreprise s'est transformée d'un modèle traditionnel de Rent-A-Center en une plateforme omni-canal de location-achat d'Upbound, s'étendant à plus de 35 000 points de vente et partenaires de commerce électronique nationaux. L'entreprise a également récemment acquis Brigit, une application de santé financière.
Le Conseil a lancé une recherche interne et externe pour un nouveau CFO. Karam apporte près de 25 ans d'expérience stratégique et financière à ce poste. La transition résulte d'un processus de planification de succession délibéré, le Conseil ayant unanimement sélectionné Karam comme prochain PDG.
Upbound Group (NASDAQ: UPBD) gab eine bedeutende Veränderung in der Unternehmensführung bekannt, da CEO Mitch Fadel nach 40 Jahren im Unternehmen am 1. Juni 2025 in den Ruhestand gehen wird. Der derzeitige Executive Vice President und CFO Fahmi Karam wird Fadel als CEO nachfolgen und dem Vorstand beitreten.
Unter Fadels Führung hat sich das Unternehmen von einem stationären Fokus von Rent-A-Center zu Upbounds Omni-Channel-Lease-to-Own-Plattform gewandelt und seine Präsenz auf über 35.000 Handelsstandorte und nationale E-Commerce-Partner ausgeweitet. Das Unternehmen hat kürzlich auch Brigit, eine App für finanzielle Gesundheit, übernommen.
Der Vorstand hat eine interne und externe Suche nach einem neuen CFO eingeleitet. Karam bringt fast 25 Jahre strategische und finanzielle Erfahrung in die Rolle ein. Der Übergang ist das Ergebnis eines sorgfältigen Nachfolgeplanungsprozesses, bei dem der Vorstand Karam einstimmig als nächsten CEO ausgewählt hat.
- Planned and orderly CEO succession with internal candidate
- Company presence in over 35,000 merchant locations
- Successful transformation from brick-and-mortar to omni-channel platform
- Recent strategic acquisition of Brigit financial health app
- None.
Insights
The appointment of CFO Fahmi Karam as Upbound's next CEO signals a strategic pivot toward accelerating the company's fintech transformation. Karam's background in finance and strategic planning aligns perfectly with Upbound's evolution from a traditional rent-to-own retailer into a technology-driven financial services platform.
Under Fadel's tenure, Upbound has successfully expanded its digital footprint to over 35,000 merchant locations and established partnerships with major e-commerce players. The acquisition of Brigit, a financial health app, further demonstrates the company's commitment to building a comprehensive financial technology ecosystem.
Karam's promotion from CFO to CEO is particularly significant for three reasons:
- His financial expertise will be important as Upbound continues to develop and scale its fintech offerings in the competitive alternative financial services market
- His intimate knowledge of the company's operations and transformation strategy ensures continuity while potentially accelerating the digital initiatives
- The internal promotion suggests strong succession planning and organizational stability, which typically receives positive market reception
The Board's decision to conduct an external CFO search rather than immediate internal promotion indicates a potential opportunity to bring fresh perspectives and additional fintech expertise to the executive team. This transition period until June 2025 provides ample time for knowledge transfer and strategic alignment, minimizing operational disruption.
The leadership change comes at a important juncture as Upbound expands its digital solutions portfolio and positions itself as a key player in financial inclusion. Karam's elevation to CEO and Board member suggests a stronger emphasis on financial technology innovation and data-driven decision-making in the company's next growth phase.
Mitch Fadel to Retire After 40 Years at Upbound
EVP and CFO Fahmi Karam to Succeed Fadel as CEO Effective June 1, 2025
Karam to Join Board of Directors
“This transition is the culmination of a deliberate and thoughtful succession planning process in which Fahmi’s increasing contributions led to the Board’s unanimous decision that he is the clear choice to serve as Upbound’s next CEO,” said Jeffrey Brown, Chairman of the Board. “Fahmi is a proven leader with nearly 25 years of strategic and financial experience and an unrelenting commitment to our mission to expand financial inclusion. Fahmi brings a strong track record of operational excellence and deep knowledge of the business and of our consumers. As CFO, Fahmi has played an instrumental role in Upbound’s success, and the Board is confident that he is the ideal person to build on our solid foundation and accelerate our growth strategy.”
“I am honored to become the next CEO of Upbound at such an exciting time for the Company,” said Mr. Karam. “It has been a pleasure to work with Mitch to drive growth, expand our platform and digitally transform our business to provide more innovative, inclusive, and technology-driven solutions dedicated to underserved consumers. I look forward to building on Mitch’s many accomplishments, continuing to expand our platform of impactful financial solutions and technologies, and driving increasing value for our shareholders and customers.”
Mr. Brown continued: “On behalf of the Board, we thank Mitch for his effective leadership over many years and for strongly positioning Upbound to capitalize on the robust opportunities that lie ahead. Under Mitch, the business has been transformed from Rent-A-Center’s brick-and-mortar focus into Upbound’s differentiated omni-channel lease-to-own platform with virtual capabilities in over 35,000 merchant locations and national e-commerce partners, in addition to our recently expanded digital solutions through the newly acquired financial health app, Brigit. We are grateful for his commitment to assist in this important transition.”
“It has been a great honor to lead Upbound,” said Mr. Fadel. “Thanks to our incredibly talented team, we have cemented Upbound as an industry leader, expanded our impact, and grown our portfolio of best-in-class solutions that continue to improve the lives of our customers. With Upbound stronger than ever, we are now poised to enter an exciting new chapter of growth. It has been a pleasure to work alongside Fahmi over the past two and a half years and I am confident he is the right choice to lead Upbound. I look forward to continuing to work closely with him during the transition.”
About Upbound Group, Inc.
Upbound Group, Inc. (NASDAQ: UPBD), is a technology and data-driven leader in accessible and inclusive financial solutions that address the evolving needs and aspirations of underserved consumers. The Company’s customer-facing operating units include industry-leading brands such as Acima®, Brigit™, and Rent-A-Center® that facilitate consumer transactions across a wide range of store-based and digital channels, including over 2,300 company branded retail units across
Forward‑Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "could," "estimate," "predict," "continue," "should," "anticipate," "believe," or “confident,” or the negative thereof or variations thereon or similar terminology and including, among others, statements concerning the Company’s growth strategies and initiatives and other future growth opportunities and ability to realize those opportunities. There can be no assurance that such expectations will occur. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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Investor Contact
Jeff Chesnut
SVP, IR & Corporate Development
972-801-1108
jeff.chesnut@upbound.com
Media Contact
Kelly Kimberly
FGS Global
713-822-7538
kelly.kimberly@fgsglobal.com
Source: Upbound Group, Inc.
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