Zowi.com, the parent company of Cobaltcard, the buying card for the online generation, announced Monday that Randall M. Chesler will be its new president and chief executive officer. Chesler brings nearly 20 years of credit card-focused financial and sales experience and expertise to the Zowi.com team. The company, which launched its Cobaltcard Web site in April 2000, also announced that co-founder and former CEO, Roberta Jacobs, will continue to play an integral role with Zowi.com as chief strategy officer.
Before joining Zowi.com, Chesler served as executive vice president at Associates First Capital Corporation, where he was the general manager of their bankcard business and was responsible for significantly expanding the size of their portfolio. Prior to joining the Associates, Chesler was executive vice president of Visa, U.S.A., where he helped drive Visa’s market share to record levels. Previous to his term at Visa, Chesler was senior vice president at Citicorp where he held a variety of staff and line positions over 12 years with the company.
“Randy brings great depth of knowledge and a keen sense of what it takes to build a new financial service,” said Seth Neiman, managing partner at Crosspoint Venture Partners and Zowi.com board member. “As an investor and board member I have every confidence that under Randy’s leadership, Zowi.com will be the leader in this market.”
“Randy’s diverse background in credit card management, business development and operations makes him a great leader for our strong team of executives who are all committed to establishing Cobaltcard as the leading buying card to empower the online generation,” said Philippe Bouissou, general partner at Media Technology Ventures and Zowi.com board member.
Cobaltcard members can register themselves, fund themselves and monitor their spending through their own monthly statements. As a buying card, not a debit or credit card, Cobaltcard offers built-in protection from debt. Membership is free.
Cobaltcard is a product and service of Zowi.com. Cobaltcard ( [http://cobaltcard.com] ) is the buying card for the online generation. Cobaltcard empowers users to buy online and in stores, wherever Visa is accepted in the United States. Cobaltcard is free to get, free to use and free of debt. The registration process requires a social security number, driver’s license or State ID and a bank account. Once members receive their Cobaltcard account number and transfer funds online from their bank account into their secure Cobaltcard, they can make immediate online purchases by entering their Cobaltcard account number in place of the Visa number. For persons 15 years and younger, parental approval is required. The company is currently registering members through the Cobaltcard Web site.