Ronald Allen

Rent-to-own (RTO) heavyweight Aaron's Inc. announced Tuesday it has acquired Progressive Finance Holdings, a provider of point-of-sale lease and purchase programs for consumers who don't qualify for traditional financing. Aaron's said the all-cash, $700 million purchase gives the company access to the rapidly growing "virtual" RTO market, and should boost earnings per share by double-digits this year. John Robinson, Progressive's CEO, will join Aaron's management team as executive vice president and report to Aaron's CEO Ronald Allen.

ATLANTA — Aaron's, a lease-to-own retailer specializing in the sales and lease ownership of residential furniture, consumer electronics, home appliances and accessories, announced that Hubert Harris, Jr., has been elected to its board of directors. Harris is the former CEO of Invesco North America. "We are extremely pleased to welcome Herky as a new member of our Board of Directors," said Ronald Allen, CEO and president of Aaron's Inc. "He brings a considerable history of financial expertise and business management. We believe his addition to our Board will add tremendous value and business acumen as we continue to grow