Hedgie Glenn Welling of Engaged Capital was eager to get to work at Rent-A-Center — unfortunately, he learned that the company’s board is on vacation.
That didn’t go over so well with Welling.
The investor, in an angry letter to the board of directors, blasted board Chairman Steve Pepper for taking a two-month-long vacation.
“I find it hard to believe that the three other incumbent directors who are not as fortunate as Mr. Pepper to take a vacation for 1/6 of the calendar year are also unable to perform their fiduciary duties during this time period,” Welling wrote.
Engaged Capital, which has a 16.9 percent stake in Rent-A-Center, is pushing the company to consider selling itself.
Welling, who just two weeks ago won three seats on Rent-A-Center’s board, also accused the board of “dragging their feet” on onboarding the new directors, a point Rent-A-Center denied Monday.
“Engaged Capital’s conduct today is disappointing and contrary to a constructive approach to the important issues facing the company,” Rent-A-Center said.