On September 12, 2019, the sole Voting Stockholder of EZCORP, Inc. appointed Phillip E. Cohen to serve as a director until the 2020 annual meeting of the Company’s stockholders and until his successor is elected and qualified or, if earlier, until his resignation or removal. Effective upon Mr. Cohen’s appointment, the Company’s Board of Directors elected Mr. Cohen to serve in the position of Executive Chairman of the Board, and the Company’s prior Executive Chairman, Lachlan P. Given, resigned from that position and as a member of the Board. Mr. Given will continue to serve as an executive officer of the company, principally responsible for the Company’s merger and acquisition and funding activities. In addition, the Board created the position of Lead Independent Director to serve as the principal liaison between the Executive Chairman and the Chief Executive Officer and the independent directors. The independent directors selected Matthew W. Appel to serve as the Board’s Lead Independent Director. Mr. Appel has been a member of the Board since January 2015 and also serves as Chair of the Audit Committee. For over 30 years, Mr. Cohen has worked closely with the Company's management and Board as an owner and advisor in developing and executing the Company's vision and strategy, and he has deep knowledge and experience regarding the Company's business and industry.
EZCORP, Inc. is a provider of pawn transactions in the United States and Latin America. The Company also sells merchandise, primarily collateral forfeited from pawn lending operations and pre-owned and recycled merchandise purchased from customers. It operates through three segments: U.S. Pawn, Latin America Pawn, and Other Investments. The U.S. Pawn segment includes its EZPAWN, Value Pawn & Jewelry and other branded pawn operations in the United States. The Latin America Pawn segment includes its Empeno Facil, Cash Apoyo Efectivo (CAE) and other branded pawn operations in Mexico, as well as its GuatePrenda and MaxiEfectivo pawn operations in Guatemala, El Salvador, and Honduras (GPMX). At its pawn stores, it advances cash against the value of collateralized tangible personal property and sells merchandise to customers looking for good value. The merchandise it sells primarily consists of second-hand collateral forfeited from its pawn activities or merchandise purchased from customers.