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CMSI Appoints Freiman to President and Chief Executive Officer; Grody Named Chief Operating Officer; McDonnell to Become Chairman Of the Board Following Leger Decision to Leave Company
ANNAPOLIS JUNCTION, Md., Sept. 23 /PRNewswire/ -- The Board of Directors of Credit Management Solutions, Inc. (Nasdaq: CMSS) today announced that it has appointed Scott L. Freiman, Executive Vice President and co-founder of the Company, to assume new responsibilities as President and Chief Executive Officer following Peter M. Leger's decision to resign from the Company.
In two related moves that will add further depth to the management structure of CMSI, Miles H. Grody, Senior Vice President, will assume the position of Chief Operating Officer, and John J. McDonnell, Jr. has been appointed Chairman of the Board, succeeding James R. DeFrancesco. As the Company's co-founder and largest individual shareholder, Mr. DeFrancesco will continue his role as a Director and serve as an advisor to the Company.
Mr. Leger, who had been serving as CMSI's President since early in the fourth quarter of last year when he joined CMSI from Automatic Data Processing, attributed his decision to leave the Company to personal reasons, citing the fact that since joining CMSI he has been largely separated from his family, who have not been able to relocate to the area from Chicago.
Mr. Freiman, 36, has served as the Company's Executive Vice President and as a Director since 1987. Most recently Mr. Freiman has served as Business Line Manager for the Company's e-Commerce/ Internet Commerce Division where he was instrumental in formulating the Company's e/i-Commerce strategies. From 1985 to 1987, he was Technology Director of American Financial Corporation, an automobile finance/leasing company, where he worked with Mr. DeFrancesco to create the Company's credit origination software. Prior to 1985, Mr. Freiman served as a development engineer for IBM and AT&T Bell Laboratories.
Mr. Grody, 43, has been a Senior Vice President and a Director of the Company since June 1995 and has held various senior positions including General Counsel, Corporate Secretary and Business Line Manager for the Company's Credit Decisioning Division. From January 1993 to June 1995, Mr. Grody served as Chief Operating Officer and Director of Tomahawk II, Inc., a document imaging and conversion services company. From January 1992 to January 1993, Mr. Grody was a partner in the law firm of Rowan & Grody, P.C. From 1988 to January 1992, Mr. Grody was Corporate Counsel for Perot Systems Corporation.
Mr. McDonnell, 61, has served as a Director of CMSI since November, 1996. He has been President, Chief Executive Officer and a Director of Transaction Network Services, Inc. of Reston, VA, a nationwide communications network company specializing in transaction-oriented data services, since founding that firm in 1990. Transaction Network Services announced in late August a definitive agreement to be acquired by PSINet Inc. of Herndon, VA, the first and largest independent facilities based commercial Internet Service Provider (ISP). That transaction is valued at approximately $720 million.
"Jack McDonnell is a seasoned industry veteran who has built TNI into the leading worldwide provider of e-Commerce data communications, processing more than 20 million transactions per day from 2 million businesses. TNI handles over 70 percent of the dialed electronic Point of Sale transactions in the U.S. His level of experience adds considerable depth to the talent pool represented by our outside directors," said Mr. DeFrancesco.
Mr. McDonnell commented, "On behalf of the Company, I would like to thank Peter Leger for his contributions to CMSI during his tenure as an officer and director. I have every confidence that the current management team will continue to successfully execute the Company's business plans and strategies, especially those related to the Company's e/i-Commerce initiatives." |
