ATLANTA, Sept. 11, 2014 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX), the world's leading provider of recovery audit services and the pioneer in Profit Discovery™, announced today that Robert B. Lee, the Company's Chief Financial Officer, Controller and Treasurer, will retire from the Company on December 31, 2014. In connection with Mr. Lee's pending retirement, Peter Limeri has been named Senior Vice President – Finance, effective September 11, 2014. The Board of Directors of the Company intends to appoint Mr. Limeri as the Company's Chief Financial Officer later this year.
"I want to thank Bob for his significant contributions and dedicated service during his tenure with PRGX and I look forward to continuing to work with him during our transition to a new CFO. We wish Bob the very best," said Ron Stewart, President and Chief Executive Officer of PRGX Global, Inc. "We are pleased to welcome Pete Limeri back to PRGX. Pete has deep knowledge and experience with the Company and proven history as a results-oriented leader."
Peter Limeri has over 25 years of financial experience, including his previous service with PRGX as Chief Financial Officer from February 2006 until May 2009. Mr. Limeri's previous experience also includes serving as President and Chief Executive Officer of LCG, LLC, a management consulting firm specializing in strategic, financial and operations transformation, and service as President and Chief Financial Officer of Physiotherapy Associates.
PRGX also announced that Michael W. Reene has been named Senior Vice President – Growth and Market Development. Mr. Reene comes to the Company from MWR Consulting, where he provided board-level consulting services. Prior to MWR Consulting, Mr. Reene served as Chief Strategy Officer at ChoicePoint from 2001 until its sale to Lexis-Nexis in 2008. Prior to ChoicePoint, he was a Global Vice President at IBM where he led its Global Telecommunications Vertical organization. Mr. Reene began his career at Andersen Consulting, now Accenture, and rose to become a Managing Partner.
"We are very excited to have Michael join PRGX," noted Stewart. "Michael has a long history of growing and managing services businesses in the technology arena. His talent and experience will serve the Company well in this key strategic position."
In connection with Mr. Limeri's employment, on September 11, 2014, the Company granted equity awards to Mr. Limeri consisting of 50,000 shares of restricted stock, as well as options to purchase 90,000 shares of the Company's common stock. The restricted stock and options will vest in equal one-third increments on each of September 11, 2015, September 11, 2016 and September 11, 2017, subject to Mr. Limeri's continued employment with the Company. Options vesting in 2015, 2016 and 2017 will have exercise prices equal to $6.04, $6.64 and $7.24 per share, respectively. The restricted stock and options also vest in full in the event of a change in control of the Company, provided Mr. Limeri remains continuously employed by the Company until such event.
In connection with Mr. Reene's employment, on September 11, 2014, the Company granted equity awards to Mr. Reene consisting of 20,000 shares of restricted stock, as well as options to purchase 180,000 shares of the Company's common stock. The restricted stock and options will vest in equal one-third increments on each of September 11, 2015, September 11, 2016 and September 11, 2017, subject to Mr. Reene's continued employment with the Company. Options vesting in 2015, 2016 and 2017 will have exercise prices equal to $6.04, $6.64 and $7.24 per share, respectively. The restricted stock and options also vest in full in the event of a change in control of the Company, provided Mr. Reene remains continuously employed by the Company until such event.
The grants were approved by the compensation committee of the Company's board of directors, which committee is comprised solely of independent directors, and were granted as an inducement material to Mr. Limeri and Mr. Reene entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
About PRGX Global, Inc.
Headquartered in Atlanta, Georgia, PRGX Global, Inc. is the world's leading provider of accounts payable recovery audit services. With over 1,600 employees, the Company operates and serves clients in more than 30 countries and provides its services to over 75% of the top 20 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 the Company's overall condition, growth prospects and management transition. 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 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 effects of the Company's decision to withdraw from the Medicare RAC rebid process, 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 14, 2014. The Company disclaims any obligation or duty to update or modify these forward-looking statements.