First Cash Financial Services Inc., a payday and pawn lender in Arlington, Tex., has promoted Rick Wessel, its vice chairman and president, to chief executive.
Alan Barron resigned as First Cash's CEO and chief operating officer "to pursue other business opportunities outside of the consumer finance industry," the company said Tuesday. Mr. Wessel, 48, joined First Cash in 1992 as its chief financial officer.
He had been its secretary and treasurer since May 1992 and as its president since May 1998. He was elected to the board in November 1992 and was appointed vice chairman in December 2004.
During Mr. Wessel's tenure, First Cash has grown from 12 pawn stores, all in Texas, to about 400 credit and retail locations in 13 U.S. states and Mexico. The company credited him with playing a key role in expanding its pawn operations and extending its customer offerings into additional short-term credit products and buy-here/pay-here automotive retailing.
Before joining First Cash he had worked for about nine years in the assurance practice of Price Waterhouse.
Mr. Wessel has also assumed the chief operating officer duties but not the title. He relinquished his nonexecutive positions of secretary and treasurer to Doug Orr, the CFO.
