SAN DIEGO, CA – Encore Capital Group, Inc. (Nasdaq: ECPG), a leading accounts receivable management firm, today announced a management succession plan for the positions of Chief Executive Officer and Chief Financial Officer.
Effective October 3, 2005, J. Brandon Black, Encore Capital’s current President and Chief Operating Officer, will succeed Carl C. Gregory, III, as Chief Executive Officer. After relinquishing his duties as CEO, Mr. Gregory will continue to work full-time as the Company’s Vice Chairman.
Separately, on May 3, 2005, Paul J. Grinberg, Encore’s current Senior Vice President, Finance, will become Encore’s CFO upon the retirement of Barry R. Barkley, the current CFO.
Richard Mandell, Chairman of the Board, said, “Encore’s board of directors made a commitment to build a deep, talented management team. As a result, this succession plan enables a smooth transition, while providing for the continued involvement of Carl Gregory. Encore’s board is confident that the Company will continue to expand upon its proven track record of success under Brandon and Paul’s leadership.”
Commenting on the management succession plan, Mr. Gregory said, “Over the next six months, I will be working closely with Brandon to ensure a smooth leadership transition. Brandon has been instrumental in helping direct the turnaround and growth of Encore Capital over the past few years and is the ideal person to lead the Company in the future. Since joining Encore, Brandon has become one of the industry’s leaders, and I am confident that he will be an excellent CEO. Once Brandon assumes the CEO role, I will continue working with him to support our growth strategies. I would also like to thank Barry for his outstanding work as our Chief Financial Officer and his tireless efforts to make Encore a better company. He has played a major role in Encore’s success. I am pleased that he will remain with the Company as a director, pending his election by the stockholders.”
J. Brandon Black joined the Company in May 2000 as Chief Operating Officer. Prior to joining the Company, Mr. Black was the Senior Vice President of Operations for West Capital Financial Services Corp. Mr. Black previously worked as the Senior Vice President of Operations for First Data Resources and the Vice President of Risk Operations for Capital One Financial Corporation. Mr. Black received a bachelor’s degree from the College of William and Mary and an MBA from the University of Richmond.
Mr. Black commented, “I am gratified by the board’s confidence in me and am looking forward to working closely with Carl and Paul during this transition period. We recruited Paul in anticipation of Barry’s retirement, and they have been working closely together in managing our day-to-day accounting and reporting. In addition, Paul’s strong understanding of our business model and strategies has allowed him to spearhead many of our initiatives outside the core debt buying business. Carl, Paul and I intend to continue managing the company in the conservative, disciplined fashion that has served us well in the past, while also using our strong management team, unique analytical abilities and access to capital to identify new vehicles for creating additional shareholder value, including the selective acquisition of complementary businesses.”
Mr. Grinberg, who joined the Company in September 2004, has extensive experience serving in senior management positions for various companies, including Chief Financial Officer for both Stellcom Inc. and Telespectrum Worldwide, Inc. He also founded and served as President of Brio Consulting, a firm that helped venture- and private-equity-backed companies with strategy, M&A, business planning and interim CFO services, and was a partner in both the Audit Group and M&A Services Group at Deloitte & Touche LLP. He received a Bachelor of Science degree in Accounting from Yeshiva University in New York and an MBA degree from Columbia University.
Mr. Black and Mr. Barkley have been nominated for election to the Company’s board of directors to fill vacancies created by the retirement of current directors Robert M. Whyte and Neville J. Katz. The election for the board of directors will take place at Encore Capital Group’s annual meeting of stockholders on May 3, 2005.
