ATLANTA, May 26, 2017 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX), a global leader in Recovery Audit and Spend Analytics services, today announced that Will Auchincloss has been named Vice President & Global GM -Analytics and Advisory, responsible for leading the Company's Analytics and Advisory service line. Mr. Auchincloss joins the Company from Bain & Company, where he served as a Principal in the firm's Retail and Consumer Products practices, leading and executing strategic transformations, accelerating growth and improving financial performance of his clients. From 2006 to 2013, Mr. Auchincloss served as Senior Vice President - Business Development for Nutrisystem,
Inc., where he was responsible for developing the firm's enterprise-wide strategy, mergers and acquisitions, and expansion into adjacent businesses. Earlier in his career, Mr. Auchincloss worked for the consulting firms MarketBridge and Mercer Management Consulting.
"We are very excited to have Will join PRGX, and are eager to apply his in-depth experience, skills and knowledge to help our clients and drive results for our Company and our stakeholders," said Ron Stewart, President and Chief Executive Officer.
In connection with Mr. Auchincloss's employment, on May 22, 2017, the Company granted equity awards to Mr. Auchincloss consisting of 17,000 shares of restricted stock, 23,000 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 May 22, 2018, May 22, 2019, and May 22, 2020, subject to Mr. Auchincloss's continued employment with the Company. The options have an exercise price of $6.25 per
share. 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 comparable Company leaders 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. Auchincloss 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. Auchincloss 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 1,400 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.
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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CONTACT: PRGX Global, Inc.
Ron Stewart, President and Chief Executive Officer
600 Galleria Parkway, Suite 100
Atlanta, GA 30339
Source: PRGX Global, Inc.
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