Aaron's, Inc. announced that Steven A. Michaels, the Company’s Chief Financial Officer and President of Strategic Operations, has been appointed Chief Executive Officer of the Company’s Progressive Leasing business segment, effective July 31, 2020, succeeding Ryan Woodley. Blake Wakefield, President and Chief Revenue Officer of the Progressive Leasing business segment will continue to serve in that capacity. Both Messrs. Michaels and Wakefield will continue to serve in their respective capacities following completion of the separation. Kelly Wall, the Company’s Senior Vice President of Finance and Treasurer, will replace Mr. Michaels and serve as Interim Chief Financial Officer of the Company, effective July 31, 2020. Also, effective July 31, 2020, Douglas Lindsay, President of the Company’s Aaron’s Business segment, will become Chief Executive Officer of the Aaron’s Business, and Steve Olsen, Chief Operating Officer of the Aaron’s Business, will become President of the Aaron’s Business. Both Messrs. Lindsay and Olsen will continue to serve in their respective capacities following completion of the separation. John Robinson, currently the Company’s President and Chief Executive Officer, will oversee the separation and is expected to depart his day-to-day role at the Company upon the earlier of the completion of the separation or December 31, 2020. He is expected to serve as Chairman of the Board of Directors of the Aaron’s Business following the separation and Ray Robinson, who currently serves as the Company’s Chairman of the Board of Directors, is expected to serve as Chairman of the Board of Directors of the Progressive Leasing Business following the separation. Robert Sinclair, Jr., the Company’s Vice President, Corporate Controller, has also notified the Company of his intention to depart his day-to-day role at the Company upon the completion of the separation.
PROG Holdings, Inc. is a fintech holding company that provides payment options and inclusive consumer financial products. Its Progressive Leasing segment is provider of e-commerce, app-based, in-store point-of-sale lease-to-own solutions provider. The segment provides consumers with lease-purchase solutions through its point-of-sale partner locations and e-commerce Website partners. It does so by purchasing the merchandise from the POS partners desired by customers and, in turn, leasing that merchandise to the customers through a cancellable lease-to-own transaction. Its Vive segment primarily serves customers that may not qualify for traditional prime lending offers who desire to purchase goods and services from participating merchants. Vive offers customized programs with services that include revolving loans through private label and Vive-branded credit cards. Its Four segment provides consumers of all credit backgrounds with BNPL options through four interest-free installments.
PROG HOLDINGS, INC. 
