UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
January 19, 2000 (January 18, 2000)
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Date of Report (Date of earliest event reported)
Rent-Way, Inc.
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(Exact name of registrant as specified in its charter)
Pennsylvania 000-22026 25-1407782
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(State or other jurisdiction (Commission File Number) (IRS Employer
of corporation) Identification No.)
One RentWay Place, Erie, Pennsylvania 16505
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(Address of principal executive offices) Zip Code
Registrant's telephone number, including area code: (814) 455-5378
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Item 5. Other Events
The registrant issued the following press release on January 18, 2000:
Erie, PA.-- Rent-Way, Inc. (NYSE: RWY) today announced the promotion of
Jeffrey A. Conway, currently Senior Vice President and Chief Financial Officer,
to the office of President and Chief Operating Officer effective immediately. To
fill Mr. Conway's position, RentWay has hired William A. McDonnell as Vice
President and Chief Financial Officer. Mr. McDonnell is expected to start by the
first of February.
"In order to continue our rapid expansion we must strengthen our senior team.
Over the years, as I have worked on acquisitions and more strategic initiatives,
Jeff has worked tirelessly as CFO to keep our business plan on track." said
William E. Morgenstern, Chairman and CEO.
"Bill McDonnell is no stranger to RentWay", said Morgenstern. "Most recently, he
was a Director in the Global Distribution Group for the Bank of Montreal. Prior
to that, for nearly three years, Bill was Vice President and Relationship
Manager in the Emerging Majors Group for Harris Bank. Harris Bank is a wholly
owned subsidiary of The Bank of Montreal, a major player in RentWay's bank
syndicate. For several years Bill has been reviewing monthly financial and
operational reports about our company. He has personally been involved in the
financing of our largest acquisitions and is very familiar with our industry and
company. His prior exposure to detailed financial and operational information
should make the transition relatively easy."
Gerald A. Ryan, co-founder and Chairman Emeritus said, "I think this move is
perfect. Our company has always worked hard to allow people to grow and work
themselves into a position that utilizes their greatest strengths. Bill and Jeff
are a great team. The two of them have big plans for the future and expanding
the leadership to include someone of McDonnell's experience in finance is, quite
simply, a smart move."
"My respect and faith in Conway is no secret", said Morgenstern. "I would never
have the time to focus on growth opportunities without him. We are a very
fortunate company to have this kind of player on the team and redefining our
duties will result in tremendous synergy."
"Bill Morgenstern and I will continue to work closely together", Conway said.
"It is my objective to continue Rent-Way's philosophy of making customers and
employees feel welcome, wanted and important. We have built a solid company that
has the ability to continue to grow, and I am honored to be offered the
opportunity to take this step."
Rent-Way is the second-largest operator of rental-purchase stores in the USA.
Rent-Way rents quality, brand name merchandise such as home entertainment
equipment, furniture and major appliances through 1088 stores operating in 41
states.
For more information visit www.rentway.com
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Rent-Way, Inc.
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(Registrant)
Date January 19, 2000 /s/ Matthew J. Marini
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(Signature)
Matthew J. Marini
Controller and Chief Accounting Officer
