Credit Management Solutions, Inc., a leading provider of credit decisioning technology to automate and speed the processing of consumer and business loans, announced Friday, following its Board of Directors meeting, that its president Peter M. Leger has been promoted to chief executive officer.
Mr. Leger, 48, had been serving as CMSI’s president and chief operating officer since he was appointed to that role early in the fourth quarter of last year when he joined CMSI from Automatic Data Processing. At ADP, one of the nation’s leading information services and technology companies, Mr. Leger was president of the Dealer Services Group, ADP’s third largest division.
At the time Mr. Leger joined CMSI last fall, James R. DeFrancesco (founder of CMSI and chairman and CEO to date) said “… we have added world-class leadership and talent to our management team. Peter Leger has a demonstrated track record of success in managing high revenue growth businesses in a Fortune 100 global environment, while improving operational efficiencies, expanding into new geographical markets and increasing profitability for those entities.”
“During the past two quarters Mr. Leger has refocused the Company and intensified our efforts to return to profitability. We have the utmost confidence in his ability to lead a successful turnaround of this business. Our recent financial results combined with several major new strategic alliances and partnerships reflect the effectiveness of his leadership,” Mr. DeFrancesco said today.
“CMSI had already invested substantial resources over the past two years in developing leading-edge products and services, both for existing customers as well as new markets including E-Commerce and Internet Commerce,” Mr. Leger said. “Now, over a short period of time our team has built considerable new momentum and refined CMSI’s strategic focus to concentrate on those higher return activities for the Company. Further, the rapid growth and acceptance of the Internet is enabling us to roll out a variety of next-generation products that are tangible evidence of our leadership as innovators of online credit automation and financing solutions.”
For the quarter ended March 31, 1999, CMSI total revenue was $6.1 million vs. $4.2 million in the comparable period of 1998 and $5.3 million in the fourth quarter of 1998. Losses for the first quarter of 1999 were $(0.6) million, or $(0.08) basic and diluted loss per share, compared to a loss of $(1.4) million, or $(0.18) basic and diluted loss per share in the first quarter of 1998 and a loss of $(3.8) million or $(0.50) basic and diluted loss per share in the fourth quarter of 1998.
Mr. Leger further commented, “On behalf of the CMSI’s employees, Board of Directors and shareholders, I wish to thank Mr. DeFrancesco for his business vision and efforts which have laid the foundation for CMSI’s success and strong reputation in today’s marketplace.” Mr. DeFrancesco will continue to serve as chairman of CMSI’s Board of Directors and will continue to be active in certain strategic initiatives. Mr. Leger has been a CMSI director since December, 1996.
Since it was founded in 1987, CMSI’s credit automation and loan marketing technology services and software have been the choice of the world’s largest and most demanding lending institutions. Building on its leadership, the company is rapidly becoming a premier provider of Internet-based online lending and leasing technology. CMSI licenses credit decisioning and other automation systems and services for consumer and business credit. CMSI also offers a portfolio of products through service bureau alliances that are provided by its alliance partners on a per-transaction fee basis. The Company’s e-commerce and Internet commerce products and services are built around its patented CreditConnection(R) technology, which links credit originators such as automobile dealers and borrowers with an extensive network of leading prime and non-prime lenders.Details