- Push-out Score determined
- After about five years in the position
- Praise and thanks for Rees
- Jason Harvison taking over in the interim
- Rees said 94 words
(exechange) — Fort Worth, Texas, July 29, 2019 — Ken Rees, chief executive of Elevate Credit, leaves. As announced by Elevate Credit Inc. in a news release and in a regulatory filing published on Monday, July 29, 2019, Kenneth E. (Ken) Rees leaves his post as Chief Executive Officer at the subprime lending company after about five years in the role, effective July 31, 2019.
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 12 months was 7.5 years, according to data compiled by exechange.
Ken Rees’s duties as CEO will be taken over in the interim by Jason Harvison, most recently Chief Operating Officer of Elevate Credit, Inc., as Interim Chief Executive Officer.
“Now is a good time to step aside”
Ken Rees’s departure from the CEO post is explained as follows. Ken Rees said: “On a personal note, I have decided now is a good time to step aside as CEO.”
Precise information regarding Ken Rees’s future plans was not immediately available.
“Resignation”
Elevate Credit said: “[T]he Company announced the resignation of CEO Ken Rees.”
Elevate Credit further said: “On July 25, 2019, the Board of Directors of the Company accepted the resignation of Kenneth E. Rees as Chief Executive Officer of the Company, with such resignation to be effective on July 31, 2019.”
Share price decline
The announcement follows a decline in Elevate Credit, Inc.’s share price of 58% since July 2018.
In the position of CEO since 2014
Ken Rees became CEO of the Company in July 2014.
Ken Rees will remain on the Elevate Board.
Kenneth E. Rees has served as the Company’s Chief Executive Officer and Chairman of the Company’s Board of Directors since 2014.
He joined Think Finance, Inc., or “TFI,” the Company’s predecessor company, as President in 2004, and held the position of Chief Executive Officer from his appointment in November 2004 until April 30, 2014, the day before the Company’s spin-off from TFI.
Rees served on TFI’s board of directors as its Chairman from 2014 through May 15, 2015.
Prior to joining TFI, from 2001 to 2004, Rees was the founder, Chief Executive Officer and Chairman of CashWorks, Inc., a provider of non-bank financial services that was purchased by GE Money in 2004.
He holds a BA in Mathematics from Reed College and an MBA in Finance and Statistics from the University of Chicago.
Rees was named the E&Y Entrepreneur of the Year for the Southwest Area North region in 2012.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Elevate Credit and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 31.2019 ($).