Ace Cash Express (NASDAQ:AACE)
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ACE Cash Express Announces CEO Succession Plan; Donald Neustadt to Continue as a
Board Member; Jay Shipowitz to Become Chief Executive Officer
DALLAS, Dec. 2 /PRNewswire-FirstCall/ -- ACE Cash Express, Inc. today
announced that Jay B. Shipowitz, the Company's current President and Chief
Operating Officer, will be appointed Chief Executive Officer on June 30, 2004
when Donald H. Neustadt steps down as the current CEO. Under the succession
plan, Mr. Neustadt will continue to serve on ACE's Board of Directors.
"I believe this is the right time to announce ACE's succession plan; we have
never been in a stronger position. My 10 years as CEO have been both a
challenging and rewarding experience," said Donald H. Neustadt. "I want to
continue to make a contribution but in a different role. Jay has made
significant contributions to our growth. He is an innovator and an executive
who can consistently deliver outstanding results. Under his leadership I know
the management team will achieve continued success."
"I am very pleased that Don will continue to be involved with ACE as a board
member. I know that I will be able to rely on his considerable experience and
talents and continue our great working relationship," said Jay B. Shipowitz.
"We have solid financing, strong systems, a proven operations model and a
talented management team that is committed to grow our business and increase
shareholder value."
Mr. Neustadt has served as the Chief Executive Officer of the Company since
November 1994 and as a Director of the Company since January 1987. Mr. Neustadt
served as the Company's President from November 1994 to December 1999 and as the
Company's President and Chief Operating Officer from January 1987 to November
1994.
Mr. Shipowitz has served as the President and Chief Operating Officer and as a
Director of the Company since January 2000 and as the Company's Senior Vice
President and Chief Financial Officer from May 1997 to January 2000. Mr.
Shipowitz is a Director and member of the Executive Committee of Financial
Service Centers of America, the industry trade association.
Forward-looking Statements
This release contains certain "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements are generally
identified by the use of words such as "expect," "anticipate," "estimate,"
"believe," "intend," "plan," "target," "goal," "should," "would," and terms with
similar meanings.
Although ACE believes that the current views and expectations reflected in these
forward-looking statements are reasonable, those views and expectations, and the
related statements, are based on the assumptions of ACE's management and are
inherently subject to risks, uncertainties, and other factors, many of which are
not under ACE's control and may not even be predictable. Any inaccuracy in the
assumptions, as well as those risks, uncertainties, and other factors, could
cause the actual results to differ materially from those projected in the
forward-looking statements.
Those risks, uncertainties, and factors include, but are not limited to, matters
described in ACE's reports filed with the Securities and Exchange Commission,
such as:
-- Competition within the check-cashing industry as well as from banks,
saving and loans, short-term consumer lenders, and other similar
financial services entities and from other retail businesses that
offer products and services offered by ACE;
-- Maintenance of relationships with providers of financing for ACE and
with key providers of products and services either offered by ACE to
its customers or used by ACE in its business;
-- Changes in laws, regulations or accounting standards and decisions or
actions taken by courts, regulators and governmental authorities;
-- Availability of financing, suitable locations, acquisition
opportunities and experienced management to implement ACE's growth
strategy;
-- Increases in interest rates, which would increase ACE's borrowing
costs;
-- Lawsuits and regulatory proceedings and their respective results,
including settlements.
ACE does not assume, but expressly disclaims, any obligation to update or revise
any of these forward-looking statements, whether because of future events, new
information, a change in ACE's views or expectations, or otherwise. ACE makes
no prediction or statement about the performance of ACE's Common Stock.
About the Company
ACE Cash Express, Inc. is headquartered in Irving, Texas and is the largest
owner, operator and franchiser of check-cashing stores in the United States.
Founded in 1968, the Company had a total network of 1,174 stores, consisting of
968 company-owned stores and 206 franchised stores in 36 states and the District
of Columbia as of September 30, 2003. ACE also operates self-service machines,
which provide check-cashing or other financial services without the need for a
service associate, at 20 company-owned store locations, 22 third-party
bill-payment locations, and, during the tax season, ACE plans to place
approximately 220 machines at H&R Block retail offices. ACE offers a broad
range of check-cashing and other consumer financial services. ACE is one of the
largest providers of MoneyGram wire transfer transactions, and it offers money
orders, bill payment services, and prepaid local and long distance
telecommunication services. Small, short-term consumer loans are also available
to customers at various ACE company-owned stores. The Company's website is
found at http://www.acecashexpress.com/ .
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DATASOURCE: ACE Cash Express, Inc.
CONTACT: William S. McCalmont, Executive Vice President & CFO,
+1-972-753-2314, or , or Darla Ashby, Director,
Public Affairs, +1-972-550-5037, or , both of ACE
Cash Express, Inc.
Web site: http://www.acecashexpress.com/