Cash America International, Inc. announced that Chairman and Chief Executive Officer, Jack R. Daugherty, who founded the Company in 1984, will retire from the position of Chief Executive Officer effective February 1, 2000. At that time, Daniel R. Feehan, President and Chief Operating Officer, will take the reins as Chief Executive Officer. Mr. Daugherty will remain as Chairman of the Board and will continue to be involved in the strategic direction of the Company.
Mr. Daugherty is viewed as an innovator and pioneer in the pawn industry. Beginning with one pawnshop in the early ’70s, in Irving, Texas, Mr. Daugherty expanded the Company to a size capable of becoming the first publicly-owned pawnshop chain in history. Cash America, under the direction of Mr. Daugherty, also became the first pawnshop chain to conduct operations in the United States and in foreign countries. In 1992, Cash America acquired Harvey & Thompson, a one-hundred-year-old chain of pawnshops, based in London, England, and in 1994, acquired Svensk Pantbelaning, a one-hundred-year-old chain, based in Stockholm, Sweden. The success of Cash America inspired others to establish large multi-unit pawn businesses focused on professional management, image and service to the customers. The leadership position of Cash America in the pawn industry has led to an upgrade in the appearance and service standards of pawnshops across the nation.
Commenting on the planned transition, Mr. Daugherty stated, “After fifteen years, the time has come for me to step aside and relinquish the Chief Executive Officer responsibilities. I’ll still be involved with the Company, though, and I am excited about its opportunities with Dan at the helm.” Mr. Feehan, who joined the Board of Directors of Cash America in 1984 and has served as President and Chief Operating Officer since 1990, added, “Jack and I have made a great team over the past ten years. While I will miss our daily interaction, Jack’s ongoing role as Chairman will undoubtedly continue to be an asset to our management team and shareholders.”
Cash America International, Inc. is a diversified provider of specialty financial services to individuals in the United States, United Kingdom and Sweden. Cash America is the largest provider of secured non-recourse loans to individuals, commonly referred to as pawn loans, through 469 locations in 16 states and two foreign countries. In addition, the Company provides check cashing services through 139 franchised and company-owned “Mr. Payroll” manned check cashing centers and rental purchase services through its wholly owned subsidiary, Rent-A-Tire, Inc.Details