PROG Holdings Inc. (NYSE: PRG) announced that its board of directors has appointed Steve Michaels, the company's president and chief executive officer, to the additional role of chairman of the board.

Michaels succeeds Ray Robinson, who has been appointed lead independent director. The leadership change was announced by the Salt Lake City-based fintech holding company.

"Steve's strategic vision and deep understanding of our businesses and industry make him the ideal leader to guide PROG forward at this important time," Robinson said in a statement. Robinson cited Michaels' management team building, financial performance delivery, and strategic investments in the company's payment solutions ecosystem.

Michaels expressed appreciation for Robinson's contributions and guidance. "I am honored to be named Chairman," he said. "I want to thank Ray for his significant contributions to PROG and the invaluable guidance he has provided to me."

PROG Holdings operates as a fintech holding company that owns several payment solution businesses. Its subsidiaries include Progressive Leasing, which provides lease-to-own solutions; Four Technologies, offering buy-now-pay-later options; MoneyApp, providing cash advances through mobile applications; and Purchasing Power, which operates voluntary employee benefit programs.

The company provides what it describes as inclusive payment options to consumers through e-commerce, app-based, and in-store point-of-sale solutions.