Daniel Feehan, who has led Cash America as its top executive for more than a decade, announced on Wednesday that he plans to retire as president and chief executive officer effective April 30.
Jack Daugherty, who founded the pawnshop operator and remains its chairman, also plans to step down at the same time. Daugherty plans to remain on the board and Feehan, 63, will succeed him as chairman.
The board appointed a special committee chaired by James H. Graves to lead a search for a new chief executive officer.
“I am extremely proud to have been a part of the Cash America family for nearly 30 years,” Feehan said in a prepared statement. “Cash America has a very bright future and I believe the timing for a change in leadership is right for both me and the company.”
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Daugherty said that under Feehan’s leadership, Cash America has expanded from a small pawnshop company into an industry leader in nonbank specialty financial services. “Dan Feehan has been a tremendous leader,” he said.
Feehan joined Cash America in June of 1988 as an executive vice president and became president and chief operating officer in January 1990. He also serves on the board of AZZ, Calloway’s Nursery, Williamson Dickie and RadioShack, where he serves as non-executive chairman.