Associates First Capital Corporation announced this morning the retirement of Thomas R. Slone, senior executive vice president of the company’s consumer finance operations. His responsibilities will be divided between Walter B. Copeland and Matthew L. Hollingsworth, executives who have deep experience with The Associates consumer finance organization.
The company will create two separate units within its consumer lending business — Home Equity Operations, including the company’s home equity sales branches, and Consumer Branch Operations. Copeland will lead the home equity business while Hollingsworth will lead the consumer branch network. Both Copeland and Hollingsworth will be promoted to senior executive vice president.
“We fully intend to grow our market-leading home equity operation, and our consumer branch network is moving rapidly to a model that enjoys greater benefits from the efficiencies of centralized support,” said Keith W. Hughes, chairman and chief executive officer of The Associates. “The size of our consumer operation and our growth plans make it appropriate to name dedicated executives to its two major lines of business.”
Slone, who joined The Associates in 1967, will become a volunteer executive with Big Brothers Big Sisters of America, a nationwide social agency that matches caring adults with children at risk.
“Obviously, we will miss Tom and his contributions,” said Hughes. “Few organizations, in any industry, could replace a Tom Slone, but he has done an excellent job of developing his staff for greater responsibilities. We have the people in place to be able to move forward with confidence.”
Copeland joined The Associates in 1976. He has held executive management positions in the consumer operation and for the past four years has been president of the company’s information systems division.
Hollingsworth came to The Associates in 1986 and has managed many of the company’s domestic and international consumer units. He spent three years as president of NationsCredit, the consumer finance subsidiary of NationsBank, before rejoining The Associates in 1998.
Associates First Capital Corporation (NYSE: AFS), established in 1918, is a leading diversified finance company providing consumer and commercial finance, leasing, insurance and related services worldwide. The Associates has operations in the United States and 13 international markets. Headquartered in Dallas, it is one of the nation’s 100 largest companies, based on total market capitalization. For more information, visit The Associates Web site at [http://www.theassociates.com].