EDMONTON, Feb. 8, 2012 /PRNewswire/ - Gordon J. Reykdal, Chairman and Chief Executive Officer of The Cash Store Financial Services Inc. (Cash Store Financial) (TSX: CSF; NYSE: CSFS), a leading alternative financial services company, today announced the appointment of Kevin Paetz as President and Chief Operating Officer of Cash Store Financial's Canadian operations, effective March 1, 2012. Through the Cash Store Financial and Instaloans chains, Cash Store Financial operates a network of 573 branches in over 200 Canadian communities.
Mr. Paetz brings over 20 years of directly applicable experience in retail consumer finance. He has established a track record of building profitability through effective sales growth strategies, training initiatives, receivables management and acquisitions. He has deep experience managing large retail networks. Most recently, he spent seven years with Dollar Financial Group, a multi-national alternative financial services company, in several leadership positions including: Vice President Acquisitions, Vice President of Operations, United Kingdom; and Vice President, Field Operations Canada. Prior to Dollar Financial Group, Mr. Paetz worked for Alberta Treasury Branches as Vice-President, Personal Financial Services and Vice President of Sales and Channel Management. From 1983 to 1999, Kevin held multiple roles with Household Financial Corporation (HFC) Canada, culminating in General Manager of Operations.
"We are delighted to have Kevin on our team," said Mr. Reykdal. "He joins us after a 10 year accelerated expansion of our retail networks. We have a strong platform for long-term profitability and growth. Kevin has a clear mandate to refine our operations in order to improve sales and profitability. I am confident that Kevin's combination of competence, experience and demeanor will have a long-term and positive impact on our operations."
Mr. Paetz replaces Barret J. Reykdal who will assume responsibilities as President and Chief Operating Officer of Cash Store Financial's United Kingdom operations. This appointment is effective March 1, 2012. Mr. Reykdal played a critical role in the expansion of our Canadian network. His expertise in this regard will be applied to developing our operations in the United Kingdom, where the Company now has 23 branches.About Cash Store Financial Cash Store Financial is the only broker and lender of short‐term advances and provider of other financial services in Canada that is listed on the Toronto Stock Exchange (TSX: CSF). Cash Store Financial also trades on the New York Stock Exchange (NYSE: CSFS). Cash Store Financial operates more than 573 branches across Canada under the banners: Cash Store Financial and Instaloans. Cash Store Financial also operates 23 branches in the United Kingdom. Cash Store Financial and Instaloans primarily act as brokers and lenders to facilitate short-term advances and provide other financial services to income-earning consumers who may not be able to obtain them from traditional banks. Cash Store Financial also provides a private-label debit card (the Freedom card) and a prepaid credit card (the Freedom MasterCard) as well as other financial services, including bank accounts.