TORONTO, Sept. 19, 2018 /CNW/ - Accord Financial Corp.
("Accord") (TSX: ACD) announced today that it has appointed
Simon Hitzig as President and Chief
Executive Officer effective October 1,
2018. Mr. Hitzig takes on the role as Accord completes a
five-year transformation, becoming one of North America's leading commercial finance
companies. Former President and CEO Tom
Henderson remains with the Company as Vice-Chairman and
director.
Mr. Hitzig joined Accord in 2011 after a long career in the
investment industry. Notably, he spent ten years with DundeeWealth
Inc. where he led the product development and marketing teams,
driving growth from 1999 to 2009, leading up to the company's sale
to The Bank of Nova Scotia. In his
seven years at Accord, Simon has been a catalyst for change and a
key member of the executive team. Mr. Hitzig joined the Company as
President of its non-recourse factoring division, and went on to
structure and close three acquisitions, which diversified Accord's
product offerings giving the firm a strong presence throughout
the United States and Canada. Mr. Hitzig stated, "Tom brought me in
to advance our evolution and strategic plan, which has been a
terrific mission for seven years. And he's worked hard to prepare
me for this role and to ensure a smooth transition."
Mr. Henderson passes on a growth mandate he directed for a
decade as CEO. During that period, he carried on the tradition of
strategic adaptation that has made Accord successful since 1978.
Over the last five years, in particular, he orchestrated dramatic
change, taking the Company into complementary and profitable new
market segments. Henderson also deepened the management team,
bringing on veteran banker Terry
Keating to lead the U.S. asset-based lending division, and
Simon to keep the growth plan on track. "Two of Accord's founding
fathers, Ken Hitzig and Fred Moss, are still a key part of our
leadership team, and we've added top talent from outside and
through acquisitions. The senior team has never been stronger,"
says Mr. Henderson.
From its roots as a respected factoring company, Accord has
transformed into a commercial finance powerhouse offering a
one-stop source of senior secured financing to middle market
businesses. This transformation is now driving financial results to
a new level, with revenue and total funds employed closing the
second quarter at record highs. "We've set the bar high, and fully
intend to clear it," says Mr. Hitzig, adding, "our clients, staff
and shareholders expect nothing less."
About Accord Financial Corp.
Accord Financial Corp. is
a leading North American finance company providing distinctive
working capital solutions to companies from coast-to-coast.
Accord's flexible finance programs cover the full spectrum of
asset-based lending, including: factoring, inventory finance,
equipment finance, trade finance and film/media finance. For 40
years, Accord has helped businesses manage their cash flows and
maximize financial opportunities.
http://www.accordfinancial.com
SOURCE Accord Financial Corp.