ATLANTA, May 10, 2017 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX), a global leader in Recovery Audit and Spend Analytics services, today announced that Daryl Rolley has been named Senior Vice President & Chief Commercial Officer, responsible for the Company’s growth initiatives, including all sales, marketing and adjacent services activities for the Company. Mr. Rolley has a rich and relevant history of executive leadership. From 2004 to 2012, he was a senior member of the Ariba, Inc. management team rising to the position of Senior Vice President & General Manager – Worldwide Sales. Most recently, Mr. Rolley served as Executive Vice President & Chief Revenue Officer of RealPage, Inc., a property management software solutions provider, and prior to that he was Executive Vice President & General Manager at Ventyx, Inc., a software solutions provider. Mr. Rolley began his career at The BFGoodrich Chemical Company and also served as Vice President - Business Development at Ventro Corporation and as an Engagement Manager for McKinsey & Company.
“We are delighted to have Daryl join PRGX,” said Ron Stewart, President and Chief Executive Officer. “We are eager to leverage his significant leadership, sales, marketing and technology experience as we continue to execute our transformation strategy and drive the performance of our Company for all our stakeholders.”
In connection with Mr. Rolley’s employment, on May 8, 2017, the Company granted equity awards to Mr. Rolley consisting of 24,000 shares of restricted stock, 36,000 performance-based restricted stock units (PBUs), and options to purchase 150,000 shares of the Company's common stock. The restricted stock and options will vest in equal one-third increments on each of May 8, 2018, May 8, 2019 and May 8, 2020, subject to Mr. Rolley’s continued employment with the Company. The options have an exercise price of $6.35. The PBUs vest and become payable based on revenue from continuing operations and adjusted EBITDA from continuing operations that the Company achieves for the two year performance period ending December 31, 2018. The terms of the PBUs are consistent with the terms of the PBUs granted to the Company’s executive officers on March 30, 2017. The restricted stock, options and PBUs also vest in full in the event of a change in control of the Company, provided Mr. Rolley 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 committee is comprised solely of independent directors, and were granted as an inducement material to Mr. Rolley entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
About PRGX
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. 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.
Forward-Looking Statements
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 spend analytics and supplier information services businesses. 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 16, 2017. The Company disclaims any obligation or duty to update or modify these forward-looking statements.
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