Photo: ShutterstockRent-A-Center Taps Assistant General Counsel in Wake of Top Lawyer's Resignation
Christopher Korst resigned his post effective June 5, at which time Dawn Wolverton, the Plano, Texas-based rent-to-own company's VP, assistant GC and secretary since 2011, stepped in on an interim basis.
June 13, 2019 at 01:35 PM
2 minute read
The No. 2 lawyer at Rent-A-Center recently stepped into the top role on a temporary basis after the company's executive vice president and general counsel resigned.
According to a recent filing with the U.S. Securities and Exchange Commission, Christopher Korst resigned his post effective June 5, at which time Dawn Wolverton, the Plano, Texas-based company's vice president, assistant GC and secretary since 2011, stepped in on an interim basis.
A company spokesperson did not immediately respond to Corporate Counsel's email and phone requests for further information about Korst's resignation, including the reason for his departure and his next moves. Rent-A-Center is a rent-to-own company that provides furniture, appliances and other consumer electronics.
In April, the company settled all litigation with Vintage Capital Management and B. Riley Financial Inc. over the termination of a planned merger. The deal failed last December after Vintage Capital failed to provide Rent-A-Center with a notice to extend the deadline and then ended up in the Delaware Court of Chancery. As part of the agreement, Rent-A-Center received a cash payment of $92.5 million.
As part of his resignation, stated in the SEC document as a termination without cause, Korst will receive certain payments and benefits, including: unpaid but earned base salary through June 5; a pro rata bonus based on his bonus, if any, for 2019; and 1.5 times his highest annual salary and average annual bonus over the past two years, the SEC filing said.
Prior to his departure, Korst had been at Rent-A-Center for more than 18 years, establishing its legal department in 2001, according to his LinkedIn profile. His interim successor Wolverton joined in 2004. She previously had been a shareholder at Winstead, according to her LinkedIn profile.
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