On May 1, 2017, Kenneth Vecchione provided notice to Encore Capital Group, Inc. that he intends to resign as President and Chief Executive Officer of the Company to become the president of another company. Mr. Vecchione's resignation will be effective June 15, 2017 to ensure a smooth transition to his successor, Ashish Masih, President of the company's Midland Credit Management subsidiary. Mr. Vecchione will not stand for re-election to the Board of Directors of the Company.

The Board intends to appoint Mr. Masih as the President and Chief Executive Officer of the Company and as a member of the Board immediately following the Company's annual stockholders meeting on June 15, 2017. Mr. Masih joined the Company in 2009 and is responsible for all internal call centers, decision science and analytics, legal collections, marketing, and all other domestic operations. Mr. Masih also oversees the Company's Asset Reconstruction Company, which is now operational and is purchasing debt portfolios in India.

Prior to joining Encore, Mr. Masih was at Capital One Financial Corporation where he held various collections-related roles and was also the CFO/Head of Analytics for a business unit.