NEW YORK (AP) -- Shares of World Acceptance dropped Monday after the subprime consumer lender said its president and chief operating officer resigned.
THE SPARK: The company said Mark Roland resigned Friday for personal reasons. World Acceptance said it has not yet started its search for a replacement.
THE BIG PICTURE: Roland has been COO of World Acceptance Corp. since April 2005 and president of the company since March 2006. The company runs 1,239 loan offices in 14 states and Mexico. Over the first half of its current fiscal year, the Greenville, S.C., company saw its net income fall 2 percent and revenue grow 8 percent. It said that in the three-month period that ended Sept. 30 charge-offs, or loans that were written off, increased compared to last year. The percentage of delinquent accounts was also higher at the end of the period.
SHARE ACTION: World Acceptance shares fell $12.37, or 12 percent, to $88.72 in afternoon trading. The stock is still up 19 percent for the year and in October it reached an all-time high of $107.98.