April 8, 2013
/PRNewswire/ -- Encore Capital Group (Nasdaq: ECPG) today announced that its board of directors has elected
, 58, to succeed
as chief executive officer. To effect the transition, Vecchione will serve as president while Black will continue serving as chief executive officer up through
May 31, 2013
, after which Black will remain available to the board and management on a consulting basis.
"Encore is very well positioned and on a clear upward trajectory to continue delivering strong results for shareholders," said
, executive chairman of Encore's board of directors. "
is a leader with more than 35 years of experience and relationships in senior management roles at large, publicly traded banking and credit card companies. With Ken's deep and diverse background in operations, corporate strategy, risk management and regulatory affairs, we found the ideal chief executive officer to drive Encore's future success."
"I'm thrilled to be joining Encore at a time when the company is clearly leading the industry into its next phase of maturity," said Vecchione. "Thanks to the depth and strength of the current management team and outstanding employees around the world, the company is performing better than it ever has. Encore is well positioned to continue delivering shareholder value, given its efficient operating platform, low-cost capital and emphasis on analytics in understanding financially distressed consumer behavior."
Vecchione has held a number of senior positions at large financial services companies, including chief operating officer of Western Alliance Bancorporation, chief financial officer of Apollo Global Management, LLC and chief financial officer of AT&T Universal Card Services. Perhaps most notably, Vecchione served for three years as vice chairman and chief financial officer of MBNA Corporation. At the time, MBNA was the world's largest independent credit card lender.