ATLANTA, June 24, 2016 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX), a global leader in Recovery Audit and Spend Analytics services, today announced that Justin Honoman has been named Vice President – Analytics Product Management, responsible for the Company’s Analytics services. Mr. Honoman joins the Company from Moxie USA, part of the Publicis Groupe, where he was SVP, Digital Marketing Solutions, delivering capabilities across channels in the marketing space and responsible for delivery of solutions to clients, and business development to grow the business. Prior to Moxie, Mr. Honoman worked for Teradata Corporation as Managing Partner and GM, Consumer Goods (CPG) for the Retail North America Analytics Practice. Prior to Teradata, Mr. Honoman held sales and marketing leadership roles with Coca-Cola, The North Highland Company, E.piphany, Inc., and iXL, Inc. Mr. Honoman began his career at Ernst & Young, LLP.
"We are delighted to have Justin join our Adjacent Services team and look forward to leveraging his valuable experience, skills and knowledge to assist PRGX in optimizing our business development and sales results. He will be instrumental in defining and managing our analytics service offerings to drive exceptional value for our clients," said Sal DePrima, Senior Vice President - Growth and Market Development.
In connection with Mr. Honoman’s employment, on June 20, 2016, the Company granted an equity award to Mr. Honoman consisting of 30,000 performance-based restricted stock units (PBUs). The PBUs vest and become payable based on revenue from continuing operations and the cumulative adjusted EBITDA from continuing operations that the Company achieves for the two year performance period ending December 31, 2017. The PBUs also vest in full in the event of a change in control of the Company, provided Mr. Honoman remains continuously employed by the Company until such event. Upon vesting, the PBUs will be settled by the issuance of a number of shares of Company common stock equal to 40% of the number of PBUs being settled and the payment of cash in an amount equal to the fair market value of that number of shares of common stock equal to 60% of the number of PBUs being settled. The PBUs were otherwise granted on substantially the same terms as the performance-based restricted stock units granted to the Company’s executive officers on March 31, 2016.
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. Honoman entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
About PRGX
PRGX Global, Inc. is a global leader in Recovery Audit and Spend Analytics services. With over 1,400 employees, the Company serves clients in more than 30 countries and provides its services to 75% of the top 20 global retailers and over 20% of the top 50 companies in the Fortune 500. PRGX delivers more than $1 billion in cash flow improvement for its clients each year. The creator of the recovery audit industry more than 40 years ago, PRGX continues to innovate through technology and expanded service offerings. In addition to Recovery Audit, the Company provides Contract Compliance, Spend Analytics and Supplier Information Management services to improve clients’ financial performance and manage risk. For additional information on PRGX, please visit 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 and growth prospects, the Company’s execution of its transformation strategy, and the Company’s investments in, and opportunities associated with, its growth platforms, including its supplier information services business. 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, 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 15, 2016. The Company disclaims any obligation or duty to update or modify these forward-looking statements
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