Asset Acceptance Eliminates Executive Position: VP of Strategy and Analysis
In order to cut costs and streamline management, debt purchaser Asset Acceptance said that it will cut one of its top executive positions effective next week.
Accounts receivable management firm Asset Acceptance said this week that it is eliminating a position in its executive suite to cut costs.
In a Securities and Exchange Commission filing dated March 31, Warren, Mich.-based debt buyer Asset Acceptance Capital Corp. (Nasdaq: AACC) said that on March 25 it terminated the employment of J. Christopher Lee, Vice President - Strategy and Analysis, effective April 8, 2009.
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Further, the company said that it was eliminating the position of VP of Strategy and Analysis “in an effort to streamline the company's management structure and to further reduce its cost structure.”
Lee was listed as one of the nine Executive Officers at Asset Acceptance in the company’s latest annual report, issued in late February.
Lee came to Asset Acceptance in January 2006 as the VP of Strategy and Analysis. He had previously worked at Capital One in the credit card issuer’s purchased debt division.
Asset Acceptance said that Lee will be pursuing other interests outside the company.
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Comments
Comment from Anonymous on April 3, 2009 at 11:00AM EST
I know Chris Lee; He is more than good! It's a pity sometimes companies try to lose weight by chopping their head off.
Comment from Anonymous on April 3, 2009 at 11:21AM EST
Well said and so true.
Comment from Anonymous on April 3, 2009 at 11:29AM EST
I applaud Asset Acceptance. Instead of laying off numerous employees they have taken one person and laid them off. So many companies are top heavy. Its refreshing to see.
Comment from Balance Collector on April 3, 2009 at 11:57AM EST
I have known Chris for some time and this makes no sense. This is yet another move on the part of this company that will create their demise. This is a guy responsible for so many positive things within the company. I know of at least 3 people in that "Executive" suite that are dead weight. People working for or on behalf of the company need to update their resumes and watch out. Get out while you can or at least start looking if you have not already.
Comment from Anonymous on April 3, 2009 at 5:26PM EST
Chris, was total dead wood and this was a fantastic move on their part!!! Chris treated people terribly!!! Way to go Asset!!!
Comment from Anonymous on April 4, 2009 at 5:42PM EST
Not sure why Asset would want to do this, as I'd think this is the last position you'd want to eliminate in times like this.
Comment from John@NYJohn.com on April 19, 2009 at 11:04AM EST
I never met Chris while working with this company - so I have no opinion either way. However, their technology needs to be seriously addressed and put into ACTION NOW. There have been years of promises - but with full confidence in Rion I trust this will charge very soon.
Comment from Anonymous on April 20, 2009 at 1:42PM EST
Does anyone know exactly when Asset vacated its Tampa-area campus located 2840 S Falkenburg RD, Riverview FL 33578????? I'm told it was a few months ago ... does anyone KNOW???
Comment from Anonymous on April 20, 2009 at 2:28PM EST
Mistake #1- eliminating an position like this when everyone is being forced to think outside the box during harsh economic times
Mistake #2- not finding another spot within the company for a very smart guy like Chris Lee to move to if you HAD TO commit mistake #1
Mistake #3- not having another stud waiting in the wings if you knew you were going to lay Chris off
Must have been a personality conflict with the CEO. No other explanation fits. Certainly not job performance from what I've heard.