Ken Bramlett Jr.
About Ken R. Bramlett, Jr.
Independent Director and Chairman of the Board at World Acceptance Corporation since September 2015; director since 1993. Age 66. Former senior vice president and general counsel at COMSYS IT Partners (public IT services) and twice CFO/general counsel at Venturi Partners (Personnel Group of America). Education: B.A. in Philosophy (Wake Forest University) and J.D. (University of North Carolina at Chapel Hill) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| COMSYS IT Partners, Inc. (public) | SVP & General Counsel | Jan 2006–Apr 2010 | Legal leadership; sale completed Apr 2010 |
| Venturi Partners, Inc. (Personnel Group of America) | General Counsel; CFO (two separate periods); Director | 1996–2004; Director Aug 1997–Jan 2001 | Finance and legal oversight; board service |
| Kennedy Covington Lobdell & Hickman LLP | Partner | 2005 | Corporate legal practice |
| Robinson, Bradshaw & Hinson, P.A. | Attorney | ~1984–Oct 1996 (12 years) | Corporate legal practice |
| Private Investor | Investor | Since 2010 | Strategic oversight experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| A Brand Company, LLC (fka Bluegrass Ltd.) | Director; Chair | 2011–2020; Chair 2017–2020 | Private company leadership |
| Charlotte Wine & Food Weekend, Inc. | Director; Chair | 1995–2015; Chair 2005 & 2006 | Non-profit governance |
Board Governance
- Current roles: Independent Chairman; Chair of Compensation and Stock Option Committee; Member of Audit & Compliance Committee and Nominating & Corporate Governance Committee .
- Independence: Board determined Bramlett is independent under Nasdaq rules and company Governance Policy .
- Leadership structure: CEO and Chair roles separated; Bramlett as non-executive independent Chair coordinates independent directors and presides over executive sessions after each regular Board meeting .
- Attendance: In FY2025, Board met 5 times; each director attended ≥75% of Board meetings and all committee meetings for their memberships .
- Committee activity (FY2025): Audit & Compliance met 4 times; Compensation & Stock Option met 1 time; Nominating & Corporate Governance met 1 time .
- Director resignation policy: Majority-withhold triggers tendered resignation within five days, reviewed by Nominating & Corporate Governance; Board decision within 90 days; disclosed via Form 8-K .
- Retirement policy: Generally not serving beyond age 75, with unanimous annual renomination allowed for special circumstances .
Fixed Compensation
| Component | FY2024 | FY2025 | Detail |
|---|---|---|---|
| Cash retainer ($) | $100,000 | $105,000 | Quarterly: $20,000 first half; $22,000 second half (Oct 1, 2024 increase). Chair adders: Board Chair +$2,500 → +$2,750; Audit Chair +$5,000 → +$5,500; Comp/Nominating Chairs +$2,500 → +$2,750 . No meeting fees . |
| Total director comp ($) | $100,000 | $225,013 | Includes equity in FY2025 (see next section) |
Performance Compensation
| Grant Type | Grant Date | Shares/Units | Grant-Date Fair Value ($) | Vesting/Notes |
|---|---|---|---|---|
| Restricted Stock (non-employee directors) | Dec 18, 2024 | 1,075 | $120,013 | Non-employee directors (except Vassalluzzo) received grants; vesting terms not specified in proxy . |
| Stock Options (outstanding) | — | 6,000 | — | Legacy options outstanding; no FY2025 grant; counts shown in holdings below . |
The company prohibits repricing of options/SARs without shareholder approval and maintains anti-hedging and pre-clearance requirements for pledging company stock .
Other Directorships & Interlocks
- Other public company directorships: None disclosed for Bramlett .
- Board interlocks: Compensation Committee in FY2025 included Bramlett (Chair), Vassalluzzo, Way, Neuhoff; no member was an officer or former officer; no interlocks involving WRLD executives serving on other companies’ compensation committees; no Item 404 related-party transactions by committee members .
- Significant shareholder relationships: Prescott General Partners LLC and affiliates owned ~33.8% as of July 7, 2025; company repurchased 162,712 shares from Prescott Associates L.P. for $24.0M on Feb 18, 2025 at $147.50 per share (prevailing market rate), pre-approved by Audit & Compliance Committee and Board .
Expertise & Qualifications
- Legal expertise (General Counsel roles; J.D.), finance (two CFO stints), risk oversight, corporate governance, and general business leadership; Board believes he contributes leadership, legal, risk management, finance, governance, and general business experience .
Equity Ownership
| Metric | FY2024 (Record Date: 07/10/2024) | FY2025 (Record Date: 07/09/2025) |
|---|---|---|
| Beneficial ownership (shares) | 37,519 | 41,594 |
| Percent of class | <1% | <1% |
| Options exercisable within 60 days | 5,000 | 6,000 |
| Unvested restricted stock | 833 | 3,075 |
| Director stock awards outstanding (as of Mar 31 year-end) | 833 RS; 6,000 options | 1,075 RS; 6,000 options |
| Shares outstanding at record date | 5,851,948 | 5,446,636 |
Insider Trades
| Date Range | Transaction Type | Shares | Price | Notes |
|---|---|---|---|---|
| FY2025 (proxy disclosure) | Not disclosed in proxy | — | — | DEF 14A does not enumerate Form 4 transactions; beneficial holdings reflect options and restricted stock positions . |
| FY2024 (proxy disclosure) | Not disclosed in proxy | — | — | DEF 14A does not enumerate Form 4 transactions; beneficial holdings reflect options and restricted stock positions . |
Governance Assessment
- Alignment and independence: Bramlett serves as independent non-executive Chair with clear separation from CEO role; Board conducts executive sessions of independent directors after each meeting, supporting robust oversight .
- Committee effectiveness: Chairs Compensation Committee; however the committee met only once in FY2025 vs three times in FY2024—monitor frequency relative to evolving compensation programs and new 2025 Stock Incentive Plan .
- Ownership and incentives: Receives time-based director equity; no performance conditions disclosed for director awards; anti-hedging/pledging policies and clawback policy in place, which bolster investor alignment and risk controls .
- Potential conflicts/RED FLAGS: Significant shareholder concentration (PGP ~33.8%) and a privately negotiated buyback from an affiliate approved by independent committees—appropriate oversight was documented, but continued vigilance is warranted given influence dynamics and related-party exposure through major holders on the Board .
- Shareholder support: Say-on-pay approval exceeded 89% in 2024 (reported in 2025 proxy) and 99% in 2023 (reported in 2024 proxy), indicating strong investor endorsement of compensation governance .
- Attendance: Board and committee attendance thresholds met (≥75% and all committee meetings attended), supporting engagement .
- Policy strength: Majority-withhold resignation policy, Board retirement guideline, and prohibition on option repricing without shareholder approval align with governance best practices .