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Ezcorp's voting shareholder sacks CEO, chairman

  • Ezcorp (NASDAQ:EZPW) voting shareholder Phillip Ean Cohen has removed CEO Paul Rothamel, chairman William Love, and director Joseph Beal from their positions.
  • Ex-banker Lachlan Given has been named non-executive chairman. Ezcorp plans appoint an interim CEO shortly.
  • Given: "The changes to the composition of the Board and management have been made to address and significantly improve the operating and financial performance of EZCORP, to strengthen corporate and regulatory governance and to realign corporate strategies in support of all shareholder interests."
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Comments (6)
  • Philip Marlowe
    , contributor
    Comments (1311) | Send Message
     
    EZ Corp is EZPW. EZCH is easy chip.
    18 Jul 2014, 05:04 PM Reply Like
  • frankiethepunk
    , contributor
    Comments (300) | Send Message
     
    Oh oh looks like Cohen has screwed the shareholders and himself as well.
    18 Jul 2014, 11:31 PM Reply Like
  • drjrocks
    , contributor
    Comment (1) | Send Message
     
    Reckless, stupid mistake to send out alerts to EZCH watchers with wrong combination of symbol and company. It may be corrected now on this site, but a correction email should be sent to all who received the first, screwed up alert.
    19 Jul 2014, 09:16 AM Reply Like
  • frankiethepunk
    , contributor
    Comments (300) | Send Message
     
    What a fool this man is. (Cohen)
    19 Jul 2014, 11:58 AM Reply Like
  • BGDD
    , contributor
    Comments (360) | Send Message
     
    Do you like Rothamel? On conference calls he sounded a lot less impressive than Dan Freehan (CSH's CEO). Perhaps sacking Rothamel is the right thing. Imagine Cohen isn't in the picture and all class As are voting. Should Rothamel be kept in place based on the last few year's performance?

     

    No idea who those two directors are.
    19 Jul 2014, 12:25 PM Reply Like
  • frankiethepunk
    , contributor
    Comments (300) | Send Message
     
    Let me ask you this? Do you think that sacking the CEO, the newly appointed Chairman and a director is going to send a message of stability and strength to the market?

     

    Cohen is responsible for draining millions of the company's resources for his own benefit at the expense of shareholders.

     

    My impression is that his contribution to the company is minimal and comes at great cost to everybody else.

     

    This coupled with his unilateral action as the sole voting shareholder to remove three important officers of the company indicates real problems. My impression is that perhaps these three individuals wanted to fix this cancer in the company and Cohen reacted by firing the three of them.

     

    Needless to say, I have learned a very valuable lesson here about the absolute necessity of paying attention to the corporate governance of a company.

     

    I fully expect the stock to open up 30%-50% lower on Monday morning.

     

    No doubt it will be a painful lesson for me and all the other shareholders, but one I shall not soon forget.
    19 Jul 2014, 12:51 PM Reply Like
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