Don Gayhardt, president of Dollar Financial Inc. , will resign as of May 31.
The Berwyn operator of check-cashing stores said that Gayhardt, who's been an executive there since 1990, will be pursuing "opportunities in the private equity industry."
In a news release, Dollar Financial CEO Jeff Weiss says:
"While it is with great regret that we announced Don's resignation, I look forward to continuing to benefit from Don's counsel on company matters relating to corporate strategy, acquisitions, and regulation."
Weiss says he and Gayhardt built Dollar Financial from a small chain with $14 million in annual revenue to one with more than 1,400 locations and revenues of $409.9 million for its fiscal year ended June 30.
Gayhardt, who will also step down from the board of directors, will not be replaced. A filing with the SEC says that he will be paid "an amount equal to his base salary" and contribute to the cost of his health insurance premiums for one year.
According to Dollar Financial's most recent proxy statement, Gayhardt earned a salary of $475,000 for its most recent fiscal year.
Shares of Dollar Financial were down about 3 percent, or 84 cents, to $22.23 shortly after noon.
