Subprime auto lender Exeter Finance will have a new chief executive in two weeks.

Thomas Anderson, who has worked at Capital One Financial and Sallie Mae, will take over as CEO on Nov. 3, the Irving, Texas, lender said Tuesday.

He will succeed Mark Floyd, who has been Exeter's CEO since 2010. Floyd will continue to serve on the firm's board of directors, according to the company.

"It is now the right time for the company and me personally to turn over the reins to new leadership as we look to the company's next phase of growth," Floyd said in a news release. "Tom is a dynamic and proven leader, and I look forward to working with him to effect the smoothest possible transition."

Exeter was founded in 2006 and acquired by Blackstone in 2011. During the first half of this year, Exeter was the third-largest issuer of subprime auto asset-backed securities, trailing only GM Financial and Santander Consumer, according to Standard & Poor's.

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