Asset Acceptance Capital Corp. Names Reid E. Simpson Chief Financial Officer
April 29 2010 - 4:05PM
Business Wire
Asset Acceptance Capital Corp. (NASDAQ: AACC), a leading
purchaser and collector of charged-off consumer debt, announced
today the appointment of Reid E. Simpson to the office of Senior
Vice President and Chief Financial Officer, effective May 17, 2010.
He succeeds Mark Redman, who announced his resignation in January
2010 and plans to pursue other opportunities. Mr. Redman’s
resignation will be effective May 17, 2010.
Rion Needs, President and Chief Executive Officer, commented,
“We are pleased to have such a strong financial and operational
leader joining our Company. Reid brings not only a noteworthy
background in finance, serving as CFO at multiple public companies,
but also a deep understanding of raising capital both in the credit
and equity markets. In line with our focus on enhancing our
financial discipline, a core tenant of our long-term strategy, Reid
has substantial process improvement expertise and a track record of
reengineering finance organizations in a variety of industries with
companies of varying sizes. Additionally, our ability to leverage
his strong background in analytics in our forecasting and revenue
recognition models will be a key strength for our Company going
forward. I would like to welcome Reid to the Asset Acceptance team
and look forward to working with him as we continue to execute on
our strategy to drive long-term, sustainable growth.”
Before joining Asset Acceptance Capital, Mr. Simpson was the
Chief Financial Officer of Aircell LLC, a leading provider of
in-flight mobile broadband services to the commercial and business
aviation industries in the United States. Prior to Aircell, Simpson
served as the Chief Financial Officer of eCollege.com, Inc., then a
NASDAQ-listed software and services company serving the online
education market. Prior to eCollege, he served as Chief Financial
Officer of CCC Information Services, Inc., then a NASDAQ-listed
provider of advanced software, communication systems, internet and
wireless-enabled technology solutions to the automobile claims and
collision repair industries. Earlier in his career, from 1981 to
1997, Mr. Simpson held a variety of finance roles with various
subsidiaries of The Dun & Bradstreet Corporation, including
Chief Financial Officer positions at Dun & Bradstreet Plan
Services (from 1988 to 1991), Nielsen Marketing Research (from 1991
to 1993) and DonTech (1993 to 1997).
“I would like to thank Mark Redman for his years of service at
Asset Acceptance. Mark has been an integral part of our Company for
12 years and has provided a steady hand in the Company through
periods of rapid growth and unprecedented economic challenges,”
said Needs. “We appreciate Mark’s willingness to remain with the
Company until his successor was found and wish him the best in all
his future endeavors.”
About Asset Acceptance Capital Corp.
For more than 45 years, Asset Acceptance has provided credit
originators, such as credit card issuers, consumer finance
companies, retail merchants, utilities and others an efficient
alternative in recovering defaulted consumer debt. For more
information, please visit www.AssetAcceptance.com.
Asset Acceptance Capital Corp. Safe Harbor Statement
This press release contains certain statements, including the
Company's plans and expectations regarding its operating
strategies, charged-off receivables and costs, which are
forward-looking statements and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include reference to the Company’s
presentations and webcasts. These forward-looking statements
reflect the Company's views, expectations and beliefs at the time
such statements were made with respect to such matters, as well as
the Company's future plans, objectives, events, portfolio purchases
and pricing, collections and financial results such as revenues,
expenses, income, earnings per share, capital expenditures,
operating margins, financial position, expected results of
operations and other financial items. Forward-looking statements
are not guarantees of future performance and involve certain risks,
uncertainties and assumptions (“Risk Factors”) that make the
timing, extent, likelihood and degree of occurrence of these
matters difficult to predict. Words such as “anticipates,”
“believes,” “estimates,” “expects,” “intends,” “should,” “could,”
“will,” variations of such words and similar expressions are
intended to identify forward-looking statements. There are a number
of factors, many of which are beyond the Company's control, which
could cause actual results and outcomes to differ materially from
those described in the forward-looking statements. Risk Factors
include, among others: ability to purchase charged-off consumer
receivables at appropriate prices, ability to continue to acquire
charged-off receivables in sufficient amounts to operate
efficiently and profitably, employee turnover, ability to compete
in the marketplace and acquiring charged-off receivables in
industries that the Company has little or no experience. These Risk
Factors also include, among others, the Risk Factors discussed
under “Item 1A Risk Factors” in the Company’s most recently filed
Annual Report on Form 10-K and in other SEC filings, in each case
under a section titled “Risk Factors” or similar headings and those
discussions regarding risk factors as well as the discussion of
forward-looking statements in such sections are incorporated herein
by reference. Other Risk Factors exist, and new Risk Factors emerge
from time to time that may cause actual results to differ
materially from those contained in any forward-looking statements.
Given these risks and uncertainties, investors should not place
undue reliance on forward-looking statements as a prediction of
actual results. Furthermore, the Company expressly disclaims any
obligation to update, amend or clarify forward-looking
statements.
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