- After less than two and a half years in the position
- Jim Wanserski taking over in the interim
- Search for a successor
(exechange) — Greenville, South Carolina, January 22, 2018 — Janet Matricciani, chief executive of World Acceptance, leaves. It is an abrupt change. As announced by World Acceptance Corporation in a news release and in a regulatory filing published on Monday, January 22, 2018, Janet Lewis Matricciani leaves her post as chief executive officer at the small-loan consumer finance company after less than two and a half years in the position, effective immediately.
No company wants a CEO to flame out in the first years.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past twelve months was 9.2 years, according to data compiled by exechange. Only 20 percent of the CEOs who departed over the past twelve months left the position within three years.
World Acceptance will undertake a search for a successor.
Matricciani’s duties will be taken over in the interim by Jim Wanserski, currently consultant at JS&R Business Services, L.L.C. d/b/a Wanserski & Associates (“W&A”).
No reason given
In the announcement, World Acceptance did not explicitly explain the obviously compelling reason for Matricciani’s sudden move, leaving room for speculation.
Precise information about Matricciani’s future plans was not immediately available.
Generally speaking, it is often a wake-up call for investors when a CEO leaves the position abruptly and without a reasonable explanation.
World Acceptance said: “Wanserski’s hiring follows an agreement between Janet Lewis Matricciani and the company that her role as president and CEO would terminate effective January 22, 2018 and she would resign as a board member on the same date.”
World Acceptance further said: “On January 19, 2018, the Company and Janet L. Matricciani agreed that Ms. Matricciani’s role as President and Chief Executive Officer of the Company would terminate, effective January 22, 2018.”
Share price rise since February 2016
The change follows a rise in the share price of World Acceptance Corporation since February 2016.
Chaired by Ken Bramlett, Jr.
World Acceptance Corporation is chaired by Ken Bramlett, Jr.
Bramlett has served as Chairman of the Board since September 2015. He has been a private investor since 2010.
In the position of CEO since 2015
Matricciani was the Company’s President and Chief Executive Officer.
She joined the Company in January 2014 as its President and Chief Operating Officer, was appointed to the Board in June 2015 and became Chief Executive Officer in October 2015.
From 2010 to 2013, Matricciani served as the Chief Executive Officer of Antenna International, a leading creator of handheld audio, multimedia and virtual tours for museums, cultural and historic sites, and tourist attractions.
From 2008 to 2010, Matricciani served as senior vice president of corporate development for K12 Inc., a technology-based education company.
From 2005 to 2007, Matricciani served as executive vice president for Countrywide Financial Corporation.
From 2001 to 2005, Matricciani served in various executive-level roles for Capital One Financial Corporation.
Earlier in her career, Matricciani worked as a consultant for McKinsey & Company, and Monitor Company.
Matricciani holds Bachelor of Arts and Master of Arts Degrees in Engineering from Trinity College at Cambridge University and a Master of Business Administration Degree from the Wharton School of Business at the University of Pennsylvania.
She has served on the board of directors of the American Financial Services Association Independents Section since 2014, the American Financial Services Association since 2015, and of Artisphere since 2016.
Read the full story in the exechange report 5.2018 ($).