Exeter Finance Corp. CEO Thomas Anderson has resigned to “pursue other interests,” a company statement released today said.
Mark Floyd, the subprime specialist lender’s former CEO, will serve as interim CEO. Floyd, 63, served as CEO from 2010 until Anderson, 53, took over in November 2014.
Anderson also is leaving Exeter’s board of directors.
Exeter Chairman Martin Brand thanked Anderson in the statement “for his leadership during a crucial time for Exeter when the company consolidated its originations platform and streamlined its operations, resulting in a much more efficient company with rapidly increasing profitability.”
Floyd “is a highly respected executive with extensive industry experience in auto finance,” he added.
Floyd past, future
In a statement last year announcing Anderson’s CEO appointment, Floyd said he came out of retirement in 2010 to “help build Exeter and lead it through an extraordinary period of growth.”
In today’s statement, he said, “During my over five years as an executive and member of the Exeter Board, I have had the privilege of serving the company as it has evolved into a major player in the auto finance industry.
“I look forward to working with Exeter’s deep and experienced leadership team as we continue that evolution. I am fully committed to ensuring a seamless transition and continuity in leadership.”
The Blackstone Group, a New York private equity firm, bought Exeter, of Irving, Texas, in 2011.
Previously, Anderson held leadership positions at Capital One, Amerifee, Upromise, Sallie Mae, Integrity Interactive and Education Dynamics. He was also a partner at McKinsey & Co., in its Financial Institutions Group.
Anderson said in the statement today: “It is hard for any company to transition from startup to high-growth to a professional organization. I am happy to have contributed to that evolution.”