Rent-A-Center Proposes To Declassify Its Board

(RTTNews) - Rent-A-Center Inc. (RCII) said that its board has voted unanimously to submit a proposal to the Company's stockholders at its 2018 Annual Meeting of Stockholders to amend the company's certificate of incorporation such that all directors will stand for election on an annual basis. The 2018 Annual Meeting is expected to take place on June 5, 2018.

Rent-A-Center's directors are currently divided into three classes, with the members of each class serving staggered three-year terms so that one-third of the Board seats are up for election each year.

To facilitate the declassification of the Board in a timely matter, each current director has committed to tender his resignation following the 2018 Annual Meeting if he is a member of the Board at that time, and each such director will subsequently be reappointed to the Board by the remaining members of the Board.

The result of these actions will be that each member of the Rent-A-Center Board will serve a one-year term following the Company's 2018 Annual Meeting, and will stand for election annually, beginning at the Company's 2019 Annual Meeting of Stockholders.

Engaged Capital, the Company's largest stockholder, issued the following said, "Engaged Capital fully supports the declassification of Rent-A-Center's Board and the corresponding resolution."