Booth completes departure from Credit Acceptance, resigning from board
Image courtesy of the company.
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In October, Credit Acceptance announced a leadership transition of CEO Kenneth Booth into retirement while he remained on the board of the subprime auto finance company.
On Wednesday, Credit Acceptance revealed in a filing with the Securities and Exchange Commission that Booth has resigned from the board. Credit Acceptance said in the filing that, “Mr. Booth has advised the company that his resignation from the board is not because of, or a result of, any disagreement with the company, its management, the board or any committee of the board.
“The company thanks Mr. Booth for his long‑time service and commitment to the company,” Credit Acceptance continued.
In connection with Booth’s departure from the board, Credit Acceptance added that it has reduced the size of the board from six directors to five directors.
Booth served as the lender’s CEO for more than four years before Credit Acceptance detailed his retirement plans and transition to Vinayak Hegde as its next chief executive.
Booth joined Credit Acceptance as director of internal audit in January 2004. He was named chief accounting officer four months later and then chief financial officer in December of that year.
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“Serving as CEO of Credit Acceptance has been the honor of my career,” Booth said in an October news release. “My decision to retire wasn’t easy, and I’m incredibly proud of everything we’ve accomplished together. We’ve built a company grounded in purpose, performance, and care for our people.”
Wednesday’s development extended a string of significant changes at Credit Acceptance.
Along with Hegde coming into the leadership position, other executive moves have included three other c-suite retirements.
In June, Credit Acceptance announced the appointment of Joe Billante as chief financial officer, effective on Monday. Billante succeeds Jay Martin, who will retire on Monday after 23 years with the subprime auto finance company.
Credit Acceptance also announced retirements of chief analytics officer Arthur Smith and chief sales officer Dan Ulatowski in January.
