ATLANTA, Dec. 13, 2013 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX), the world's leading provider of recovery audit services and the pioneer in Profit DiscoveryTM, announced today that the Board of Directors has selected Ronald E. Stewart to be the Company's permanent President and Chief Executive Officer. Mr. Stewart has been serving as interim President and Chief Executive Officer since the departure of Romil Bahl, the Company's former President and Chief Executive Officer, on November 15, 2013. Mr. Stewart will remain a member of the Company's Board of Directors.
Prior to serving as the Company's interim President and Chief Executive Officer, Mr. Stewart has been involved in a number of entrepreneurial pursuits as a private equity investor. Prior to his current pursuits, Mr. Stewart was a senior partner with Accenture, holding a number of executive positions during his 30-year career at the firm. During his tenure, Mr. Stewart served as the global client partner for a number of Fortune 100 clients and led the firm's retail and consumer goods practice in the eastern United States for a number of years. Mr. Stewart also led Accenture's global transportation and travel industry program and served as the North America Managing Partner for the automotive, industrial manufacturing and transportation/travel industry groups. Mr. Stewart holds an M.B.A. in International Business from the University of Alabama and an undergraduate degree from Tulane University.
"The Board of Directors is extremely pleased to introduce Ron Stewart as the new President and CEO of PRGX," said Pat Dills, Chairman of PRGX Global. "Ron has been a very valuable member of the Board and has fully immersed himself in the Company since taking over as interim President and CEO in mid-November. The Board believes Ron's professional and global leadership experience will serve PRGX very well as we continue to provide world class service to our clients. Ron's experience, leadership and vision will also be invaluable as the Board continues to review and refine the Company's strategy to deliver even greater value to its clients and shareholders."
"I am very honored and excited to be selected as the President and CEO of PRGX," said Ron Stewart. "In my short time as interim President and CEO, I have been working intensively with the Company's senior leaders to gain an even deeper understanding of the Company's many opportunities and its challenges. I have every confidence in the Company's leadership team, and look forward to continuing these efforts and working with the Board, the Company's employees and our clients to further strengthen our services and enhance PRGX's long-term value for our shareholders."
About PRGX Global, Inc.
Headquartered in Atlanta, Georgia, PRGX Global, Inc. is the world's leading provider of recovery audit services. With over 1,700 employees, the Company operates and serves clients in more than 30 countries and provides its services to over 75% of the top 30 global retailers. PRGX is also pioneering Profit Discovery, a unique combination of audit, analytics and advisory services that improves client financial performance. For additional information, please visit PRGX at www.prgx.com.
Forward Looking Statements
In addition to historical information, this press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include both implied and express statements regarding Mr. Stewart's future leadership of the Company and the Company's review of its business strategy. Such forward looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from the historical results or from any results expressed or implied by such forward-looking statements. Risks that could affect the Company's future performance include the risks inherent in any CEO succession, including the time required to fully integrate Mr. Stewart into the Company's operations, revenue that does not meet expectations or justify costs incurred, the Company's ability to develop material sources of new revenue in addition to revenue from its core recovery audit services, changes in the market for the Company's services, the Company's ability to retain and attract qualified personnel, changes to Medicare and Medicaid recovery audit contractor programs and the outcome of the rebid of the Medicare RAC program contracts, the Company's ability to integrate recent and future acquisitions, uncertainty in the credit markets, the Company's ability to maintain compliance with its financial covenants, client bankruptcies, loss of major clients, and other risks generally applicable to the Company's business. For a discussion of other risk factors that may impact the Company's business, please see the Company's filings with the Securities and Exchange Commission, including its Form 10-K filed on March 13, 2013. The Company disclaims any obligation or duty to update or modify these forward-looking statements.