Rent-Way Announces Changes in Management Roles

Rent-Way Announces Changes in Management Roles
WILLIAM E. MORGENSTERN TO SERVE AS NON-EXECUTIVE CHAIRMAN OF THE BOARD; WILLIAM
SHORT ELECTED PRESIDENT 


ERIE, Pa., March 23  /PRNewswire-FirstCall/ -- Rent-Way, Inc. (NYSE:RWY) today
announced that William E. Morgenstern, Rent-Way's Chairman of the Board,
President and CEO, will relinquish the role of President and Chief Executive
Officer effective May 1, 2005.  Mr. Morgenstern will remain the non-executive
Chairman of the Board and will continue to provide services to the company as a
consultant.  William S. Short, Rent-Way's Executive Vice President and Chief
Operating Officer, has been elected President.

"I believe this is a particularly good time to make this change", stated Mr.
Morgenstern. "We have a great management team in place and a well developed
strategic plan with momentum to grow our business and challenge our employees.
On a personal note, I have spent my entire adult life in the rental-purchase
business, of which almost twenty- four years were as CEO of Rent-Way.  I look
forward to exploring business opportunities outside the rental-purchase
industry.  As non-executive Chairman of the Board I will remain involved in
helping set the company's strategic direction, and as a consultant, I will
continue to assist management as necessary in the business and operation of the
company."

Robert Fagenson, a long-time Rent-Way Board member and Chair of the
Compensation Committee commented, "While Bill Morgenstern's duties will change,
we are pleased that he will be staying on as Board Chair and will continue to
assist management as a consultant.  Over the years, Bill has provided the
company with excellent leadership and a passion that has permitted Rent-Way to
grow into one of the industry's leading rental-purchase companies.  Mr.
Fagenson also noted, "The Board believes that the structural change of having a
non-executive Board Chair enhances our commitment to good corporate
governance."

Mr. Short has 21 years of rental-purchase industry experience. He joined
Rent-Way in 1996 and has served in various management positions with the
company and since July 2002 has been responsible for all rental-purchase
operations as Senior Vice President of Operations and later as Executive Vice
President and Chief Operating Officer.  As President, he will work closely with
existing senior management to oversee all company functions.

The Board engaged the nationally recognized executive search firm of Spencer
Stuart to act as advisor during this process.

A conference call will be held for investors tomorrow, Thursday, March 24th at
9:00 am (EST).  This call will be simultaneously web cast at
http://phx.corporate-ir.net/phoenix.zhtml?p=irol-
eventDetails&c=98799&eventID=1041490.

Rent-Way is one of the nation's largest operators of rental-purchase stores.
Rent-Way rents quality name brand merchandise such as home entertainment
equipment, computers, furniture and appliances from 776 stores in 34 states. 

DATASOURCE: Rent-Way, Inc.



CONTACT:  Mr. Morgenstern, Chairman and CEO of Rent-Way, Inc.,

[phone]



Web site:  http://www.rentway.com/ 

Copyright