Monday, Jun. 11, 2007, 08:00 PM UPDATED 11:59 AMBy Nick Zulovich
HUNTINGTON BEACH, Calif. — Triad Financial Corp. announced it has promoted Daniel Leonard to president and chief executive officer.
Leonard, 59, has been with the non-prime auto finance company since May 2003, serving as senior vice president of portfolio management, officials reported. In his new role, he will continue to report to Carl Webb, former president and CEO, who will now serve as co-chairman of the board along with Gerald Ford.
Webb has served as CEO of Triad since August 2005 and has played an integral role in setting the long-term vision for Triad, executives said.
This announcement comes on the heels of Fremont General Corp. reporting the recent sale of a minority interest in the company to an investor group led by Ford. In that release, Webb was named CEO of Fremont General.
This change will allow Webb to fulfill his new responsibilities with Fremont General while continuing to provide guidance to Leonard and the Triad board of directors, officials explained.
"Dan's (Leonard) industry expertise and demonstrated leadership have been valuable assets for Triad Financial during the past four years," Webb said. "He is deeply committed to Triad and has an exceptional track record in operations management. We look forward to continued success with Dan leading the company."
As president and CEO, Leonard will oversee Triad's strategic direction and capitalize on the company's strength in the non-prime auto finance market, according to the company.
Leonard brings more than 30 years of experience to his new role as president and CEO. Since May 2003, Leonard has led Triad's portfolio management practices where he optimized portfolio performance, the company reported.
Prior to joining Triad Financial, Leonard had a 12-year career at California Federal Bank, where he held a number of senior management positions, including president of California Federal's Auto One Acceptance Corp.
Triad Closes $775 Million Asset-Backed Securitization
In other recent news, Triad announced it has closed a $775-million offering of asset-backed securities, backed by loans.
Citigroup and Goldman, Sachs & Co. are the lead managers on the transaction, which is co-managed by Banc of America Securities LLC, Credit Suisse and Deutsche Bank Securities. The company uses proceeds from securitization transactions to provide long-term financing of auto retail installment contracts.
This is Triad's 12th public securitization of automobile receivables, from which more than $9 billion of asset-backed securities has been issued.
About the Company
Founded in 1989, Triad serves the non-prime auto financing industry. The company has more than 1,300 employees, relationships with about 5,500 dealers and 300,000 borrower-customers nationwide. The company's financial strength comes in at about $4.3 billion in managed receivables.
Triad is headquartered in Huntington Beach, Calif., and has a regional office in North Richland Hills, Texas. For more information, visit .