ATLANTA, Aug. 09, 2016 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX), a global leader in Recovery Audit and Spend Analytics services, today announced that Robby Gulri has been named Vice President – Marketing. Mr. Gulri joins the Company from PreVu Data Predictive Analytics, where he was Chief Marketing Officer, responsible for product and channel marketing in the predictive analytics space. Prior to PreVu, Mr. Gulri worked for Echoworx Corporation, as Vice President of Marketing. Prior to Echoworx, Mr. Gulri held various marketing, sales and product management roles with BellSouth Corporation, Yahoo, Portal Software, Millenium Solutions, Intermedia Corporation, part of MCI-WorldCom, and Sirius Systems Sales Force Automation Software.
"We are delighted to have Robby join PRGX and lead our marketing team. His expertise in product management and marketing will be a significant asset to PRGX," said Sal DePrima, Senior Vice President - Growth and Market Development.
In connection with Mr. Gulri’s employment, on August 3, 2016, the Company granted an equity award to Mr. Gulri consisting of 10,000 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. Gulri 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. Gulri entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
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.
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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CONTACT: PRGX Global, Inc. Sal DePrima, SVP - Growth & Market Development 770.779.3900 600 Galleria Parkway, Suite 100 Atlanta, GA 30339