Management ChangeMay 7, 2026, 09:16 AM
PROG Holdings CEO Michaels Named Chairman; $5M Equity Grant
AI Summary
PROG Holdings announced that its President and CEO, Steven A. Michaels, has been elected to the additional position of Chairman of the Board, effective immediately. He succeeds Ray M. Robinson, who has been appointed Lead Independent Director. The Board also awarded Mr. Michaels a one-time special equity grant of $5 million in restricted stock units, vesting over three, four, and five years, to retain him and recognize his leadership. Additionally, the company declared a quarterly cash dividend of $0.14 per share, payable on June 2, 2026. Shareholders at the 2026 Annual Meeting approved the election of directors, executive compensation, auditor ratification, and an amendment to the equity and incentive plan.
Key Highlights
- CEO Steven A. Michaels elected Chairman of the Board, effective immediately.
- Ray M. Robinson appointed Lead Independent Director.
- Michaels awarded a one-time special equity grant of $5 million in restricted stock units.
- The equity grant vests ratably on the third, fourth, and fifth anniversaries of the grant date.
- Quarterly cash dividend of $0.14 per share of common stock declared.
- Dividend payable on June 2, 2026, to shareholders of record as of May 19, 2026.
- Shareholders approved executive compensation with 31,949,347 votes For.
- Shareholders ratified Ernst & Young LLP as auditor with 34,859,061 votes For.