Debt Resolve, Inc. announced today that co-chairman and chief executive officer, James D. Burchetta, has elected to step down from his position, as planned after the one-year anniversary of the company’s initial public offering (IPO), and Kenneth Montgomery will replace him as CEO, effective February 16, 2008. Mr. Burchetta has been appointed chairman of the board and founder and will remain actively involved with senior management. His additional responsibilities will include overseeing investor relations, corporate strategy and product development.
With more than 25 years in the financial services industry, Mr. Montgomery has managed assets totaling over $4 billion and has held executive positions with IBM, Chemical Bank (now J.P. Morgan Chase), Putnam and Prudential. Mr. Montgomery’s immediate plans include expanding distribution of Debt Resolve’s patent-based online collections tool and stimulating revenue growth.
Debt Resolve also announced today that David M. Rainey, chief financial officer, has been named president. Mr. Rainey joined Debt Resolve as CFO in March 2007, bringing with him more than 19 years of financial experience at publicly traded companies. Mr. Rainey’s promotion will help accelerate the improvement of the company’s operating and financial performance.
Further board changes include the announcement that Charles S. Brofman has stepped down from his position as co-chairman but will remain an active member of the board of directors, and Jeffrey S. Bernstein has stepped down as a board member to assist the company as a consultant in the areas of business development and collection strategy.
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