Credit Store, Inc. announced Tuesday that Martin J. Burke, the Company’s Chief Executive Officer, will add the title and duties of Chairman of the Board.
Mr. Burke succeeds Jay L. Botchman, 65, who indicated to the Company that he wishes more time to devote to his other endeavors. Mr. Botchman remains a member of the Board and he retains his approximately $50 million debt and equity investments in Credit Store, Inc.
The Credit Store’s other senior management remains unchanged. Kevin T. Riordan is the Company’s President and Chief Operating Officer. Mr. Riordan directs the Company’s approximately 300 employees in the day-to-day operations in Sioux Falls. He is also holds responsibility for quality assurance and strategic planning for the Company. Mr. Riordan joined Credit Store, Inc. in April, 1997 from Long Beach Acceptance Corp., an automobile finance company focused on the nonprime and sub-prime markets, where he was president and chief operating officer.
In Sioux Falls, Mr. Riordan is joined by Michael J. Philippe, the Chief Financial Officer and Treasurer; and Richard S. Angel, the Chief Counsel and Secretary of the Company.
Mr. Burke, 40, has been the Company’s Chief Executive Officer since its inception in 1996, and has primarily been involved in securing the Company’s financing and setting its strategic direction. He previously was chief executive officer and a principal at American Home Credit Corp., a mortgage banker which originates and sells sub-prime mortgages. From 1984 to 1995, he was chief executive officer of The Martin Burke Company, an advisor and originator on behalf of clients of hybrid commercial mortgage loans.
Credit Store Inc. is a nationwide financial services company that markets credit cards to consumers who previously had had an interruption in the repayment of their debts and may be excluded from the more traditional sources of consumer finance. The Company uses sophisticated methods to analyze, value and purchase portfolios of non-performing consumer debt from major institutional lenders at a substantial discounts. The Company then uses its direct marketing expertise to contact and negotiate settlements with the consumer, most of the time placing settlement on the new unsecured credit cards offered through the Credit Store. The Company offers an innovative and practical way for the consumer to rebuild their creditworthiness and gain access to an unsecured credit card.Details