Rent-A-Center’s stock surges 7.2% premarket after job cuts announced late Wednesday

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Rent-A-Center COO Joel Mussat resigned after 9 months in the role

Rent-A-Center Inc. disclosed Wednesday that Chief Operating Officer Joel Mussat resigned, which the household goods leasing company said was a “termination without “cause,” effective Feb. 22, after only nine months in the role. Under terms of the termination, Mussat will comply with certain covenants for two years, including non-compete and confidentiality obligations, the company said in a filing with the Securities and Exchange Commission. In addition, Mussat will be entitled to certain payments and benefits, including earned cash compensation through Feb. 22 and 1 1/2-times the sum of his highest annual rate of salary during the previous 24 months. Rent-A-Center said it has eliminated the position of COO, and Mussat’s previous reports will now report directly to Chief Executive Mitchell Fadel. Mussat joined Rent-A-Center as COO in May 2017. The stock, which was still inactive in premarket trade, has plunged 32.3% over the past three months, while the S&P 500 has gained 4.5%.

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