Blackstone Group-backed Exeter Finance Corp. named Thomas Anderson chief executive of the Irving, Texas-based subprime lender effective Nov. 3. The company said in a release that current CEO Mark Floyd will continue to serve on Exeter’s board and will work with Anderson to ensure a smooth transition.
“In 2010, I came out of retirement to help build Exeter and lead it through an extraordinary period of growth,” Floyd said in a company release. “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. 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.”
Thomas Anderson has worked in the finance industry for several years, at companies such as Capital One, AmeriFee, Upromise, and Sallie Mae. Anderson was also a partner at McKinsey & Co. in the Financial Institutions Group. The Exeter release said the changes will position the company for its next stage of growth.
Martin Brand, director at Exeter and senior managing director of Blackstone said, “On behalf of the entire Board, I would like to thank Mark for his extraordinary contributions to Exeter’s success to date. Under his leadership, the Company 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.”
“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,” Anderson said in the release. “I am especially focused on developing deeper value-added partnerships with our loyal customers and dealers.”
