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Former Santander Execs Join Exeter Finance Corp.

February 17, 2016

IRVING, Texas — On the same day Santander Consumer USA announced the departures of President Jason Grubb and COO of Originations Brad Martin, Exeter Finance Corp. announced the appointment of the two auto finance veterans to CEO and COO, respectively.

On Tuesday, Exeter announced that Grubb will replace Mark Floyd, who had served as Exeter’s interim CEO from July 2010 until Tom Anderson’s appointment in 2014. Floyd, a current member of Exeter’s board of directors, assumed the role a second time in December 2015, when Anderson departed the company.

“As Exeter builds upon its strong foundation, we are pleased to welcome two respected auto finance veterans … to the Exeter team,” said Martin Brand, chairman of Exeter’s board of directors, in a statement. “Their combined knowledge and expertise will help drive Exeter’s continued ability to deliver best-in-class execution and prudent underwriting. I also want to thank Mark on behalf of the entire board for stepping in and providing steady leadership for the company as interim CEO.”

Grubb and Martin spent 11 years at Santander Consumer USA, where they held various leadership roles. The latter spent the last two years serving as the auto finance source’s COO of servicing.

“I look forward to helping Exeter service its dealer customers in the most effective and efficient manner possible,” Martin said. “I am committed to helping the team deliver outstanding results.”

In a statement, Grubb, who also held the title of president of Santander Consumer USA, added: “I could not be more pleased to join Exeter at such an exciting time in its history. I recognize that this company has positioned itself as a prominent player within the industry, and as such, has tremendous opportunities ahead.”

In announcing the departures of Grubb and Martin, Santander USA announced the appointment of Richard Morrin, who previously served as the finance source's executive vice president of new business, to COO. Santander also announced on Tuesday that CEO Jason Kulas will assume the additional title of president.

“As an experienced member of the SC management team, Rich Morrin is a proven and effective leader who knows our business well and has significant operational expertise,” Kulas said in a statement. “We are confident Rich is the right leader for our talented operations team and will continue to build on his track record of being an important contributor to the company’s success.”

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