PLANO, Texas - Upbound Group, Inc. (NASDAQ: UPBD), known for its consumer leasing solutions under Rent-A-Center (NASDAQ:UPBD)® and Acima®, announced the appointment of retail industry veteran Molly Langenstein to its Board of Directors. The appointment, effective as of April 1, 2024, comes as the company continues to expand its technology-driven financial solutions.
Langenstein brings over 30 years of experience in the retail sector, most recently serving as CEO and President of Chico's FAS (NYSE:CHS) until its acquisition by Sycamore Partners in January 2024. Her tenure at Chico's began in August 2019, and she was promoted to CEO and President in June 2020. Langenstein's extensive career also includes nearly three decades at Macy's (NYSE:M), Inc., where she held several executive positions, including General Business Manager and Chief Private Brands Officer.
Mitch Fadel, CEO of Upbound, praised Langenstein's track record in delivering omnichannel solutions and her expertise in adapting to the digital landscape, anticipating that her insights will be valuable to the company's growth strategy.
Langenstein is set to stand for election at Upbound's 2024 annual meeting of stockholders, alongside all current directors except Ms. Jen You, who has chosen not to seek re-election to pursue other professional opportunities. Fadel expressed gratitude for You's contributions to the board during her term.
Upbound Group's commitment to providing innovative and inclusive financial solutions has been marked by its operation of over 2,400 retail units across the U.S., Mexico, and Puerto Rico. The company's focus is on enabling customers to shop across various channels, aligning with evolving consumer behavior and preferences.
This news is based on a press release statement.
InvestingPro Insights
As Upbound Group (NASDAQ: UPBD) welcomes Molly Langenstein to its board of directors, investors may be considering the company's financial health and market performance. Here are some insights based on real-time data and InvestingPro Tips:
Upbound Group's market capitalization stands at $1.74 billion, reflecting its position in the market. Despite a challenging retail environment, the company's gross profit margin remains strong at 50.65% for the last twelve months as of Q4 2023, showcasing its effectiveness in maintaining profitability amidst cost pressures.
An important InvestingPro Tip to consider is that the company's net income is expected to grow this year, which could signify a positive outlook for Upbound's financial future. Additionally, while the stock has experienced significant volatility recently, with a price total return of -8.09% over the last week, analysts predict the company will be profitable this year, providing a potential upside for investors.
Investors looking to delve deeper into Upbound Group's financials and stock performance can find more InvestingPro Tips, with a total of 8 additional tips available at InvestingPro. Remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
The upcoming earnings date on May 1, 2024, will be an important event for shareholders to gain further insight into the company's performance and strategic direction under the guidance of its newly appointed board member.
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