Subprime auto finance company Exeter Finance Corp. announced today that Tom Anderson has resigned from his role as chief executive officer and as a member of the board of directors to pursue other interests.
Mark Floyd, a member of Exeter's board of directors who formerly served as Exeter's CEO and co-chief operating officer at AmeriCredit has been appointed interim CEO.
It’s only been a little more than a year since Floyd stepped down from his executive role and Anderson came into the picture.
“I would like to thank Tom for his leadership during a crucial time for Exeter when the company consolidated its originations platform and streamlined its operations, resulting in a much more efficient company with rapidly increasing profitability,” said Martin Brand, chairman of Exeter's board of directors. “We are excited about Exeter and its prospects and thank Tom for his leadership.
“We are also grateful that Mark Floyd has agreed to come back from retirement and step in as interim CEO,” Brand continued. “Mark is a highly respected executive with extensive industry experience in auto finance. His strong track record and previous tenure as CEO make him an ideal and natural choice for interim CEO.”
Exeter previously highlighted that Anderson came to the company as a seasoned executive with nearly three decades of management and financial services industry experience. Anderson served in a variety of leadership and CEO roles at leading global organizations, including Capital One, Amerifee, Upromise, Sallie Mae, Integrity Interactive, and Education Dynamics.
"It is hard for any company to transition from a start-up to high growth to a professional organization,” Anderson said. “I am happy to have contributed to that evolution.”
But now Floyd is back at the controls of Exeter, which recently executed a $300 million securitization backed by automobile loan receivables.
“During my over five years as an executive and member of the Exeter board, I have had the privilege of serving the company as it has evolved into a major player in the auto finance industry,” said Floyd, who also is the current president of the National Automotive Finance Association.
“I look forward to working with Exeter's deep and experienced leadership team as we continue that evolution. I am fully committed to ensuring a seamless transition and continuity in leadership,” he went on to say.