- Push-out Score determined
- After about five and a half years in the position
- Praise and thanks for Grimshaw
- Jason Kulas taking over
(exechange) — Austin, Texas, July 6, 2020 — Stuart Grimshaw, chief executive of Ezcorp, leaves. As announced by Ezcorp Inc. in a news release on Monday, July 6, 2020, Stuart I. Grimshaw leaves his post as chief executive officer at the provider of pawn loans after about five and a half years in the role, effective immediately.
The announcement of Stuart Grimshaw’s move comes 10 months after Phillip Ean Cohen took over as Executive Chairman of Ezcorp, Inc.
Stuart Grimshaw’s duties as CEO will be taken over by Jason A. Kulas, most recently President and Chief Financial Officer of Ezcorp Inc.
Kulas will continue to serve as the Company’s Chief Financial Officer until a successor is identified and appointed.
“The COVID-19 crisis has caused us to reassess our overall business strategy and cost structure”
Stuart Grimshaw’s departure from the CEO post is explained as follows. Phillip Ean Cohen, Executive Chairman, said: “While this transition may be several months earlier than we originally contemplated, we believe the timing is right as the COVID-19 crisis has caused us to reassess our overall business strategy and cost structure heading into fiscal 2021.”
Precise information regarding Stuart Grimshaw’s future plans was not immediately available.
“Resigned”
Ezcorp said: “Mr. Kulas will succeed Stuart I. Grimshaw, who will remain with the Company as Special Advisor to the CEO and Board and accordingly has resigned from his position on the Board of Directors.”
Share price decline
The announcement follows a decline in Ezcorp Inc.’s share price of 43% since February 2015.
Chaired by Phillip Ean Cohen
Ezcorp Inc. is chaired by Phillip Ean Cohen.
Cohen has been a member of the Board of Directors and the Executive Chairman since September 2019. He has been an owner of, and advisor to, the Company for 30 years. He acquired the Company in 1989 and took it public in 1991 with an initial public offering of Class A Non-Voting Common Stock.
In the position of CEO since 2015
Stuart Grimshaw became CEO of the Company in 2015.
Grimshaw joined Ezcorp in November 2014 as Executive Chairman and a member of the Board of Directors.
He became Chief Executive Officer in February 2015.
Prior to joining Ezcorp, he was Managing Director and Chief Executive Officer of Bank of Queensland Limited (ASX: BOQ), a consumer banking and financial services institution with branches in every Australian state and territory.
During his 30-year career in financial services, Grimshaw held a wide variety of other roles at various banking and finance companies.
From 2009 to 2011, he was Chief Executive Officer of Caledonia Investments Pty Ltd. Prior to that, Grimshaw spent eight years at Commonwealth Bank of Australia, where he served as Group Executive, Premium Business Services (2006 to 2009), Group Executive, Wealth Management (2002 to 2006) and Chief Financial Officer (2001 to 2002).
From 1991 to 2001, Grimshaw held a variety of roles at National Australia Bank (including Chief Executive Officer – Great Britain, and other executive roles in Credit, Institutional Banking, Corporate Financial Services and Global Business Financial Services).
Grimshaw began his career at Australia and New Zealand Banking Group (1983 to 1991).
Grimshaw represented New Zealand in Field Hockey at the 1984 Olympics and has a Bachelor of Commerce and Administration degree from Victoria University in Wellington, New Zealand and an MBA from Melbourne University.
He has also completed the Program for Management Development at Harvard Business School.
Grimshaw also serves as non-executive chairman of the board of directors of Cash Converters International Limited.
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 Ezcorp and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 28.2020 ($).