On March 25, 2021, the Board of Directors of Regional Management Corp. (the “
”) promoted Steven B. Barnette to the position of Vice President, Corporate Controller of the Company, effective as of April 1, 2021 (the “
”). Effective as of the Commencement Date, Mr. Barnette will succeed Michael S. Dymski, the Company’s Vice President and Chief Accounting Officer, as the Company’s principal accounting officer, and Mr. Dymski will assume a new role within the Company as Vice President of Financial Planning and Analysis.
Mr. Barnette, age 41, has over 18 years of experience in public accounting and corporate finance and has served as the Company’s Corporate Controller since November 2017. Prior to joining the Company, Mr. Barnette was the Corpora te Controller and Director of Accounting at American Credit Acceptance LLC, a national provider of auto finance solutions, from 2012 to 2017 and served as the Corporate Accounting Manager at Resolute Forest Products Inc. (f/k/a AbitibiBowater Inc.), a publicly traded paper and forest products company, from 2009 to 2012. Mr. Barnette also served for over seven years in Ernst & Young LLP’s assurance practice serving a wide range of public and private clients. Mr. Barnette, who holds a B.S. in Business Administration, Concentration in Accounting from the University of South Carolina Upstate and a Master of Accountancy from the University of South Carolina, is a Certified Public Accountant
In connection with Mr. Barnette’s promotion, the Company entered into an offer letter to provide him with the following: (i) annual base salary of $225,000; (ii) eligibility to participate in the Company’s Key Team Member Incentive Program with a target performance level opportunity equal to 80% of base salary; and (iii) participation in the Company’s other benefit plans in accordance with practices for other executives of similar level.
There are no arrangements or understandings between Mr. Barnette and any other person pursuant to which Mr. Barnette was selected as Vice President, Corporate Controller (principal accounting officer), there are no family relationships between Mr. Barnette and any of the Company’s directors or executive officers, and there are no related party transactions involving Mr. Barnette that are reportable under Item 404(a) of Regulation
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Regional Management Corp.
Date: March 31, 2021
/s/ Harpreet Rana
Executive Vice President and Chief Financial Officer
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