ATLANTA, April 15, 2019 (GLOBE NEWSWIRE) — PRGX Global, Inc. (Nasdaq: PRGX), a global leader in Recovery Audit and Spend Analytics services, today announced that Tony Massanelli has been named Senior Vice President, Global Commercial Operations, responsible for recovery audit for the Company’s commercial business, which includes all industries other than retail.
Mr. Massanelli brings to PRGX more than twenty years of recovery audit industry experience. Most recently, Mr. Massanelli served as President, Global Retail of Cotiviti, Inc., a provider of payment accuracy solutions, where he led the global retail division. Previously, he held several senior leadership positions with Connolly, Inc. Mr. Massanelli began his career with PRGX as a software developer, pioneering some of the Company’s first recovery audit technology solutions.
“I am thrilled to welcome Tony to PRGX. Our employees and clients in our commercial business will benefit greatly from his deep understanding and experience in recovery audit,” said Ron Stewart, President and Chief Executive Officer.
In connection with his employment, on April 15, 2019, the Company granted equity awards to Mr. Massanelli, including 20,000 shares of restricted stock and options to purchase 70,000 shares of the Company’s common stock. The restricted stock and options will vest in equal one-third increments on each of April 15, 2020, April 15, 2021 and April 15, 2022, subject to Mr. Massanelli’s continued employment with the Company. The options have an exercise price of $7.63 per share. Additionally, in connection with his employment, the Company expects to grant an additional equity award to Mr. Massanelli consisting of 18,000 performance-based restricted stock units (PBUs), which is to be granted at the same time and on terms consistent with the terms of PBUs expected to be granted to other comparable Company leaders later this year. The PBUs are expected to vest and become payable based on the Company’s financial performance for the two-year performance period ending December 31, 2020, subject to Mr. Massanelli’s continued employment with the Company. In the event of a change in control of the Company, the restricted stock and options will vest in full and the PBUs are expected to vest at the target level of financial performance, provided Mr. Massanelli 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. Massanelli entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
PRGX Global, Inc. is a global leader in Recovery Audit and Spend Analytics services. With over 1,500 employees, the Company serves clients in more than 30 countries and provides its services to 80% of the top 15 global retailers and over 25% of the top 50 companies in the Fortune 500. PRGX delivers more than $1 billion in cash flow improvement for its clients each year. The creator of the recovery audit industry more than 40 years ago, PRGX continues to innovate through technology and expanded service offerings. In addition to Recovery Audit, the Company provides Contract Compliance, Spend Analytics and Supplier Information Management services to improve clients’ financial performance and manage risk. For additional information on PRGX, please visit www.prgx.com.
In addition to historical information, this press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include both implied and express statements regarding the Company’s overall condition and growth prospects and the Company’s execution of its business strategy. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from the historical results or from any results expressed or implied by such forward-looking statements. Risks that could affect the Company’s future performance include revenue that does not meet expectations or justify costs incurred, the Company’s ability to develop material sources of new revenue in addition to revenue from its core recovery audit services, changes in the market for the Company’s services, the Company’s ability to retain and attract qualified personnel, the Company’s ability to integrate recent and future acquisitions, uncertainty in the credit markets, the Company’s ability to maintain compliance with its financial covenants, client bankruptcies, loss of major clients, and other risks generally applicable to the Company’s business. For a discussion of other risk factors that may impact the Company’s business, please see the Company’s filings with the Securities and Exchange Commission. The Company disclaims any obligation or duty to update or modify these forward-looking statements.
PRGX Global, Inc.
Ron Stewart, President & CEO
600 Galleria Parkway, Suite 100
Atlanta, GA 30339