Upbound Group, Inc. Announces New Independent Director Charu Jain

Rhea-AI Summary

Upbound Group, Inc. (NASDAQ: UPBD) has appointed Charu Jain as a new independent director to its Board, effective September 10, 2024. Ms. Jain, currently serving as the senior vice president of merchandising and innovation at Alaska Air Group (NASDAQ: ALK), brings extensive experience in technology-driven solutions and digital transformation. Her background includes leadership roles at IBM, Pacific Gas & Electric, United Airlines, and PwC. Ms. Jain holds an MBA in International Management and is recognized for her contributions to STEM talent development. Upbound CEO Mitch Fadel expressed excitement about Ms. Jain's potential contributions to the company's technology-driven initiatives in serving retail partners and enhancing customer experiences.

Positive

• Appointment of a new independent director with extensive technology and innovation experience
• Potential for improved technology-driven solutions and digital transformation strategies
• Addition of diverse leadership perspective to the Board

Negative

• None.

Insights

Technology and Innovation Expert

Ms. Jain's appointment to Upbound's Board brings valuable digital transformation expertise to the company's leadership. Her experience in technology-driven innovation at Alaska Air Group, particularly in merchandising and distribution channels, aligns well with Upbound's focus on flexible leasing solutions. Jain's background in large-scale tech integrations and cloud migrations could prove beneficial as Upbound continues to evolve its technology platforms.

However, the impact on Upbound's operations and stock performance may be in the short term. Board appointments typically influence long-term strategy rather than immediate business outcomes. Investors should monitor how Jain's expertise translates into tangible improvements in Upbound's tech-driven offerings and customer experience over time.

Corporate Governance Analyst

The addition of Charu Jain to Upbound's Board enhances its diversity and tech expertise. This move aligns with best practices in corporate governance, potentially improving the company's ESG profile. Jain's experience with board-level innovation committees at Alaska Air Group could bring fresh perspectives to Upbound's strategic discussions.

However, the real test will be how effectively Jain's insights translate into actionable strategies for Upbound. Investors should watch for any shifts in the company's approach to technology implementation and customer-centric innovations in the coming quarters. While this appointment is a positive step for board composition, its direct impact on shareholder value remains to be seen.

PLANO, Texas--(BUSINESS WIRE)-- Upbound Group, Inc. (the "Company" or "Upbound") (NASDAQ: UPBD), a leading provider of technology-driven, flexible leasing solutions for consumers through its operating brands that include Rent-A-Center® and Acima®, today announced that, effective September 10, 2024, Ms. Charu Jain has been appointed to the Upbound Board of Directors (the “Board”) as a new independent director.

Ms. Jain is a senior technology executive with a track record of using technology and innovation to achieve growth and leading successful large-scale digital transformation initiatives. Currently, Ms. Jain serves as the senior vice president of merchandising and innovation at Alaska Air Group, Inc. (“Alaska Air Group”) (NASDAQ: ALK), the holding company for a leading global and regional airline. In her role, Ms. Jain is responsible for driving strategy and execution for both employee and consumer-facing innovation along with taking Alaska Air Group to the next level with merchandising products and services and managing ever evolving airline distribution channels. She also serves as the management lead to the Innovation Committee of the Board of Directors at Alaska Air Group. Ms. Jain joined Alaska Air Group in 2017 as vice president and chief information officer, where she led the technology integration of Virgin America, data center and cloud migration, and mobile tool expansion across the company. Prior to Alaska Air Group, Ms. Jain served in various technology and other leadership roles at companies including IBM, Pacific Gas & Electric, United Airlines and PwC. Ms. Jain holds a Bachelor’s Degree in Economics from Lucknow University, India, and an MBA in International Management at Lake Forest Graduate School of Management, Illinois. With a passion for developing STEM talent, Ms. Jain serves on the University of Washington Foster School of Business Technology Advisory Board and the YearUp Puget Sound Board of Directors. Ms. Jain is a recipient of the Orbie leadership award, which recognizes technology executives for their leadership, innovation, and excellence.

“Charu has extensive experience as a senior leader in delivering technology and digital transformation solutions to drive business results and enhance the customer journey,” said Mitch Fadel, Chief Executive Officer of Upbound. “We are excited to have Charu join our Board and look forward to her insights and contributions to Upbound as we continue to implement technology driven solutions to serve our retail partners and enable our customers to shop when, how and where they want.”

About Upbound Group, Inc.

Upbound (NASDAQ: UPBD) is an omni-channel platform company committed to elevating financial opportunity for all through innovative, inclusive, and technology-driven financial solutions that address the evolving needs and aspirations of consumers. The Company’s customer-facing operating units include industry-leading brands such as Rent-A-Center® and Acima® that facilitate consumer transactions across a wide range of store-based and digital retail channels, including over 2,300 company branded retail units across the United States, Mexico and Puerto Rico. Upbound is headquartered in Plano, Texas. For additional information about the Company, please visit our website www.Upbound.com.

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. There can be no assurance that such expectations will occur. The Company's actual future performance could differ materially and adversely from such statements. Factors that could cause or contribute to such differences include the risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K for the year ended December 31, 2023 and in its subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240910966705/en/

Investor Contact:

Jeff Chesnut

SVP Strategy & Corporate Development

972-801-1108

jeff.chesnut@upbound.com

Source: Upbound Group, Inc.

FAQ

Who is the new independent director appointed to Upbound Group's (UPBD) Board?

Charu Jain has been appointed as a new independent director to Upbound Group's (UPBD) Board, effective September 10, 2024.

What is Charu Jain's current role outside of Upbound Group (UPBD)?

Charu Jain currently serves as the senior vice president of merchandising and innovation at Alaska Air Group (NASDAQ: ALK).

How might Charu Jain's experience benefit Upbound Group (UPBD)?

Charu Jain's extensive experience in technology and digital transformation could help Upbound Group (UPBD) implement technology-driven solutions to better serve retail partners and enhance customer experiences.

When will Charu Jain's appointment to Upbound Group's (UPBD) Board take effect?

Charu Jain's appointment to Upbound Group's (UPBD) Board will take effect on September 10, 2024.