- Rent-A-Center Inc (NASDAQ:RCII) has appointed Fahmi Karam as its Executive Vice President and Chief Financial Officer effective October 31, 2022.
- The company also said the current Executive Vice President and Chief Financial Officer, Maureen Short, departed on September 28, 2022.
- Karam joins RCII from Santander Consumer USA, where he served as the CFO.
- He received his Bachelor’s degree and Master of Accounting from Baylor University, and he is a Certified Public Accountant.
- Outlook: Rent-A-Center revised its Q3 sales guidance to $1 billion – $1.02 billion from $1 billion – $1.055 billion versus the consensus of $1.03 billion.
- RCII slashed its Q3 EPS outlook to $0.85 – $0.95 from $1.05 – $1.25 against the consensus of $1.14.
- “External economic conditions have continued to deteriorate over the past few months,” said CEO Mitch Fadel.
- Meanwhile, the company is not updating or reaffirming its previously reported consolidated guidance for the full year 2022.
- Price Action: RCII shares closed lower by 20.3% at $17.80 during after-hours on Thursday.
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