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PRGX Global, Inc. Announces Appointment of New Chief Product OfficerATLANTA, Feb. 19, 2018 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX), a global leader in Recovery Audit and Spend Analytics services, today announced that Mark Morel has been named Chief Product Officer, responsible for overseeing all aspects of product management and ultimately ensuring PRGX’s market leadership in Recovery Audit, Supplier Information Management and Source-to-Pay Analytics. Prior to joining the Company, Mr. Morel served as President and Chief Operating Officer for Intradiem, Inc., an enterprise SaaS/Cloud-based software company that automates management processes. Before Intradiem, Mr. Morel served as the Managing Partner for two private investment firms based in Atlanta. From 1999 through 2015, Mr. Morel held a series of CEO roles with three SaaS/Cloud-based companies, most notably Procuri, Inc. Procuri, which was acquired by Ariba, Inc. in 2007, was a leading provider of SaaS supply chain management software, content and services, including strategic sourcing, contract management, spend analysis and supplier management solutions. Prior to Procuri, Mr. Morel held various positions with numerous other technology, health care and financial services firms. “We are excited to have Mark join PRGX,” said Ron Stewart, President and Chief Executive Officer. “We look forward to leveraging his significant leadership, technology and SaaS/Cloud experience as we continue to execute our transformation strategy.” In connection with Mr. Morel’s employment, on February 13, 2017, the Company granted equity awards to Mr. Morel consisting of 8,500 shares of restricted stock, 12,750 performance-based restricted stock units (PBUs), and options to purchase 90,000 shares of the Company's common stock. The restricted stock and options will vest in equal one-third increments on each of February 13, 2019, February 13, 2020 and February 13, 2021, subject to Mr. Morel’s continued employment with the Company. The options have an exercise price of $7.55. The PBUs vest and become payable based on revenue from continuing operations and the cumulative adjusted EBITDA from continuig 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. Morel 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. Morel entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). About PRGX Forward-Looking Statements This news release was distributed by GlobeNewswire, www.globenewswire.com CONTACT: PRGX Global, Inc. |