World Acceptance in Greenville, S.C., one of the largest providers of installment loans, said that its longtime chairman and chief executive will retire in September.
Alexander "Sandy" McLean III will retire after 26 years with the company, effective Sept. 30. World Acceptance will promote Janet Lewis Matricciani, chief operating officer, to succeed McLean as CEO. Ken Bramlett Jr., World Acceptance's lead independent director, will become chairman.
McLean was named CEO in 2006, and chairman in 2007. He joined the company as chief financial officer in 1989.
McLean's retirement announcement comes amid increased scrutiny by the Consumer Financial Protection Bureau of the type of installment lending that performs by World Acceptance and other nonbank lenders. The CFPB in March announced proposed rules for nonbank lenders, limiting how often loans could be rolled over to generate interest payments.
Installment lenders have faced criticism from consumer-advocacy groups for making loans that carry annual percentage rates of up to 200%, according to a 2013 joint report.