Exeter Finance Corp. announced changes to its board of directors yesterday, including Mark Floyd, former board member and two-time chief executive, who will depart the board to join software development company Intellaegis Inc. as its chairman.
Additionally, former GE Capital executive Dan Henson will serve as chairman of the Irving, Texas-based lender’s board, replacing former chairman and Blackstone executive Martin Brand, who will continue to serve as a member, according to a company press release.
Floyd served as Exeter’s CEO from July 2010 until his retirement in October 2014. He left retirement in December 2015 to serve as Exeter’s interim CEO, replacing then-CEO Tom Anderson, and led Exeter during the company’s efforts to consolidate its originations platform and stream line its operation. He has remained on the board consistently since 2010, according to the release.
Jason Grubb, CEO of Exeter, thanked Floyd in a press release for his leadership and contributions to Exeter throughout the years.
“We are grateful to have benefited from the leadership, guidance, and industry knowledge that Mark Floyd has provided to Exeter throughout the years,” Grubb said. “His passion for the industry and for this company is unparalleled. We will miss his thoughtful insights and contributions.”
New Chairman Henson brings nearly 30 years of experience from General Electric Company, where he served in various leadership positions at GE and GE Capital. Most recently, he served as an officer of GE and executive vice president of GE Capital.
Henson, who retired from GE and GE Capital in March 2016, oversaw capital markets activities, provided oversight for the Enterprise Risk Committee of GE Capital’s North American lending and leasing units, and managed the business through the 2008 financial crisis, according to the release.
“Exeter has defined itself as a leading subprime lender in this industry, and I look forward to continuing that growth and development,” Henson said in the release.
Exeter Finance rolled out a new origination platform in January 2015, which marked an overhaul of Exeter’s corporate structure to a centralized model — from the branch network upon which the company was founded back in 2006. Exeter now operates in two central operations centers in Clearfield, Utah, and Irving, Texas. The specialty lender ended 2015 with $3.1 billion in receivables and more than $1.5 billion in originations, according to a previous release.
For more auto finance insights like this, register for the upcoming Auto Finance Summit, Oct. 5-7 at Bellagio Las Vegas. Visit www.AutoFinanceSummit.com for more information.
