PRGX Announces Appointment of New Managing Director, Commercial
ATLANTA, Nov. 09, 2018 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq: PRGX), a global leader in Recovery Audit and Spend Analytics services, today announced that Rick Cosgrove has been named Managing Director, Commercial, for North America, responsible for leading operational integration, source-to-pay practice expansion and client revenue acceleration. Prior to joining the Company, Mr. Cosgrove spent 26 years in the supply chain arena – 13 years in consulting with Accenture, and 13 years in industry with Exxon Corporation. At Accenture, Mr. Cosgrove was a Partner in Accenture’s Supply Chain Sourcing and Procurement practice, specializing in operations, program management, strategy development, strategic sourcing, source-to-pay processes, and organization and process design. While at Exxon, Mr. Cosgrove was responsible for supply chain operations at Exxon’s Texas manufacturing plants.
“I am excited to have Rick join the Company. We look forward to leveraging his extensive knowledge in supply chain,” said Michael Cochrane, Senior Vice President, Global Client Operations.
In connection with his employment, on November 5, 2018, the Company granted equity awards to Mr. Cosgrove, including 6,557 shares of restricted stock, 9,836 performance-based restricted stock units (PBUs), and options to purchase 70,000 shares of the Company's common stock. The restricted stock and options will vest in equal one-third increments on each of November 5, 2019, November 5, 2020 and November 5, 2021, subject to Mr. Cosgrove’s continued employment with the Company. The options have an exercise price of $9.19 per share. The PBUs vest and become payable based on cumulative revenue from continuing operations, cumulative revenue from adjacent services, and cumulative adjusted EBITDA from continuing operations, in each case, that the Company achieves for the two-year performance period ending December 31, 2019, subject to Mr. Cosgrove’s continued employment with the Company. The terms of the PBUs were consistent with the terms of the PBUs granted to comparable Company leaders on May 29, 2018. The restricted stock, options and PBUs also vest in full in the event of a change in control of the Company, provided Mr. Cosgrove remains continuously employed by the Company until such event.
The grants were approved by the compensation committee of the Company's board of directors, which the committee is comprised solely of independent directors, and were granted as an inducement material to Mr. Cosgrove 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 1,500 employees, the Company serves clients in more than 30 countries and provides its services to 75% of the top 20 global retailers and over 25% 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 and the Company’s execution of its business strategy. 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. The Company disclaims any obligation or duty to update or modify these forward-looking statements.
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CONTACT: PRGX Global, Inc.
Ron Stewart, President & CEO
600 Galleria Parkway, Suite 100
Atlanta, GA 30339