IRVING, Texas — Exeter Finance Corp. announced late Tuesday that CEO Mark Floyd will step down from the post he’s held since 2010. Replacing him will be Thomas Anderson, a veteran of the financial service industry. He will step into his new role on Nov. 3.
Officials with the subprime auto finance company said Floyd will serve on the company’s board of directors and will work with Anderson to ensure a smooth transition.
“On behalf of the entire Board, I would like to thank Mark for his extraordinary contributions to Exeter’s success to date,” said Martin Brand, a director at Exeter and senior managing director at Blackstone, which acquired the finance company in August 2011. “We welcome Tom to the Exeter team and look forward to working with him to take Exeter to the next level.”
Anderson, 51, is a seasoned executive with nearly three decades of experience in management and in the financial services industry, having served in leadership roles at global organizations such as Capital One, Amerifee, Upromise, Sallie Mae, Integrity Interactive, and Education Dynamics. He also served as partner at McKinsey & Co. in the Financial Institutions Group.
Company officials noted that the leadership change positions Exeter for the next stage of its growth and development, which the company’s outgoing CEO echoed.
“In 2010, I came out of retirement to help build Exeter and lead it through an extraordinary period of growth. In just four years, with an incredibly talented team, we have created a leading auto finance organization providing the highest level of service to more than 8,700 dealers and thousands of customers throughout the U.S,” said the 61-year-old Floyd. “It is now the right time for the company and me personally to turn over the reins to new leadership as we look to the company’s next phase of growth. Tom is a dynamic and proven leader and I look forward to working with him to effect the smoothest possible transition.”
Under Floyd’s leadership, Exeter has grown from $64 million in active loans, 97 employees and seven branches to nearly $3 billion in active loans, 1,132 employees and 32 branches — establishing Exeter as the third-largest issuer of subprime retail auto loan ABS.
“We look forward to Mark’s continued engagement with the company as a member of the board,” Brand said.
Anderson added: “I am excited to join Exeter and look forward to working with the company’s first-rate executive team as we look to build on the company’s historically strong performance. I am especially focused on developing deeper value-added partnerships with our loyal customers and dealers.”
Originally posted on F&I and Showroom