CreditRiskMonitor Announces Transition of its Chief Financial Officer
VALLEY COTTAGE, N.Y. - Mar. 9, 2020 - CreditRiskMonitor® (OTCBB: CRMZ) announced that Lawrence Fensterstock, Senior Vice President and Chief Financial Officer, has informed the Board of Directors of his intention to retire effective June 30, 2020. To ensure an orderly transition, he will be resigning as Chief Financial Officer as of the close of business on Mar. 31, 2020. At its meeting held earlier today, the Board of Directors elected Steven Gargano as Senior Vice President and Chief Financial Officer effective Apr. 1, 2020.
Mr. Gargano is an accomplished professional with more than 20 years of experience who has previously served as both a Chief Financial Officer and a Risk Manager for such entities as the 1199 Pension and Benefit Funds, LUX Fund Technology & Solutions, Artivest Advisors, US Bancorp Fund Services, Mariner Investment Group and Gabelli Asset Management. He also worked, earlier in his career, at the international accounting firms Deloitte & Touche and Arthur Andersen. Mr. Gargano is a graduate of Cornell University and the Executive MBA program at Harvard Business School.
Jerry Flum, CEO, said, “We’re sorry to see Larry leave the Company. He was one of the founders of CreditRiskMonitor® and has been a key employee for over 20 years. I personally will miss him and wish him well in retirement. At the same time, I’m excited to welcome Steven aboard and look forward to his fresh insights as we enter new markets.”
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CreditRiskMonitor® (creditriskmonitor.com) sells a suite of web-based, SaaS subscription products providing access to comprehensive commercial credit reports, bankruptcy risk analytics, financial and payment information, and curated news on public and private companies worldwide. The products help corporate credit and procurement professionals stay ahead of and manage financial risk more quickly, accurately, and cost-effectively.
The Company’s newest platform, SupplyChainMonitor™, leverages its financial risk analytics expertise to create a risk management solution built specifically for procurement, supply chain, sourcing, and finance personnel involved in the supplier lifecycle, risk assessment, and ongoing risk monitoring. Users can assess counterparty risks at the aggregate and granular levels under a variety of categories including geography and industry, as well as customized, customer-specific configurations. The platform features mapping capabilities with real-time weather/natural disaster event overlays as well as customizable news notifications, reports, and charts.
Our subscribers, including nearly 40% of the Fortune 1000 and well over a thousand other large corporations worldwide, use the Company's timely news alerts, research, and reports on public and private companies to make important risk decisions. The Company's comprehensive commercial credit reports covering both public and private companies worldwide are published through its web-based platform and feature detailed analyses of financial statements, including ratio analysis and trend reports, peer analysis, corporate issuer ratings from key Nationally Recognized Statistical Rating Organizations ("NRSROs"), as well as the Company's proprietary bankruptcy analytics: the FRISK® and PAYCE® scores. One of the FRISK® scoring model's exclusive input features is the aggregate risk sentiment of our subscribers based on their crowdsourced usage behaviors resulting in the improved classification of bankruptcy risk for the riskiest corporations and boosting overall accuracy.
The Company, through its Trade Contributor Program, receives confidential accounts receivables data from hundreds of subscribers and non-subscribers every month. This trade receivable data is parsed, processed, aggregated, and finally reported to summarize the invoice payment behavior of B2B counterparties, without disclosing the specific contributors of this information. The Trade Contributor Program's current trade credit file exceeds $2.5 trillion of transaction data annually.
Safe Harbor Statement
Certain statements in this press release, including statements prefaced by the words “anticipates”, “estimates”, “believes”, “expects” or words of similar meaning, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, expectations or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including, among others, those risks, uncertainties, and factors referenced from time to time as “risk factors” or otherwise in the Company’s Registration Statements or Securities and Exchange Commission Reports. We disclaim any intention or obligation to revise any forward-looking statements, whether as a result of new information, a future event, or otherwise.
Mike Flum, CEO & President