Executive Change: Rion Needs to Asset Acceptance as COO

Asset Acceptance Capital Corp. (Nasdaq: AACC) today announced the appointment of Rion B. Needs to the newly created position of Chief Operating Officer. Needs, 45, will be responsible for managing key operational aspects of the business, including collections, information technology and corporate strategy. As Chief Operating Officer, he will report directly to Brad Bradley, Chairman, President and CEO of Asset Acceptance Capital Corp.

During the past 22 years, Needs has served in a variety of executive roles at American Express, most recently as Senior Vice President and General Manager of Purchasing Services. In this capacity, Needs fundamentally transformed the purchasing function at American Express through a series of strategic expense reductions, operational enhancements and systems integrations, resulting in billions of dollars in cost savings over a multi-year period.

Needs’ recent positions at American Express included Senior Vice President of Global Finance Operations and Business Transformation, and Senior Vice President and General Manager of Corporate Travel. In these capacities, Needs has served as strategic advisor to the American Express senior management team on issues of cost rationalization, corporate reengineering, process improvement and technology development.

"An executive of Rion’s caliber is a significant addition to our senior management team," said Brad Bradley, Chairman, President and CEO of Asset Acceptance. "Rion has managed thousands of employees and billions in budgetary dollars while evolving the operations, marketing and product development capabilities at a $77-billion financial services company. His proven leadership skills and results-oriented approach led to broad-based operational improvements at American Express, the sum of which paved the way for substantial cost savings and improved profitability during his tenure. We look forward to recognizing the benefits of Rion’s operational expertise as a valued member of the Asset family."

Needs added: "As the first Chief Operating Officer in the Company’s 45-year history, I plan to leverage the resources, experience and talents available to our senior leadership team, guided by a mandate to maximize operational efficiencies. I am honored by the opportunity to work alongside such a committed group of talented professionals, and am encouraged by the opportunities for growth evident within the Asset business model."