- After about four years on the job
- Laud, praise and thanks for Vecchione
- Ashish Masih taking over
- Vecchione spoke at length and said 99 words
(exechange) — San Diego, California, May 04, 2017 — Ken Vecchione, chief executive of Encore, leaves. It is a change at short notice. As announced by Encore Capital Group, Inc. in a news release and in a regulatory filing published on Thursday, May 04, 2017, Kenneth A. (Ken) Vecchione leaves the post as Chief Executive Officer at the consumer banking company in a surprising move after about four years on the job, effective June 15, 2017.
Vecchione’s duties are taken over by Ashish Masih, currently President of Midland Credit Management at Encore Capital Group, Inc.
Vecchione will be President at Western Alliance Bancorporation
“President and Chief Executive Officer (CEO) Ken Vecchione will be leaving the company to become the President of Western Alliance Bancorporation,” Encore said. Western Alliance Bancorporation is the holding company for Western Alliance Bank.
Encore said: “On May 1, 2017, Kenneth Vecchione provided notice to Encore Capital Group, Inc. … that he intends to resign as President and Chief Executive Officer of the Company to become the president of another company.”
“Not the result of any disagreement”
“Mr. Vecchione’s decision to resign was not the result of any disagreement with the Company,” Encore said.
Broad Run holds 10.77 percent stake
Broad Run Investment Management, LLC reported a 10.77 percent stake in Encore Capital Group, Inc. as of December 30, 2016.
Chaired by T. Willem Mesdag
Encore Capital Group, Inc. is chaired by T. Willem Mesdag.
Mesdag has served as a director since May 2007.
On the job as CEO since 2013
Kenneth A. Vecchione has been the President and Chief Executive Officer of Encore Capital Group, Inc., since April 8, 2013 and May 2013, respectively.
During his more than 35-year career, Vecchione has held a number of senior positions at large financial services companies, including Chief Operating Officer of Western Alliance Bancorporation from 2010-2013, Chief Financial Officer at Apollo Global Management, LLC from 2007-2010 and Executive Vice President and Chief Financial Officer at AT&T Universal Card Services from 1997-1998.
Between 1998 and 2006, Vecchione served in a number of positions at MBNA Corporation, including three years as Vice Chairman and Chief Financial Officer. Before being acquired by Bank of America in 2005, MBNA was the 10th largest U.S. bank and the world’s largest independent credit card lender.
Vecchione has deep and diverse experience in areas essential to Encore’s ongoing success, including operations, corporate strategy, risk management and regulatory affairs.
He is highly respected within the financial services industry and brings to Encore high-level relationships in the banking and credit card sectors.
Vecchione also sits on the Board of Western Alliance Bancorporation.
He earned his Bachelor of Science in Accounting from the State University of New York – Albany in 1976.
Vecchione will remain in his role at Encore until the 2017 annual stockholders meeting on June 15, 2017, to ensure a smooth transition of his duties to Masih.
At the upcoming 2017 stockholders meeting, Vecchione will not stand for re-election to the Board of Encore, and Masih will be appointed as a director following the meeting.
Read the full story in the exechange report 19.2017 ($).