WARREN, Mich. — 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’sresignation 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.