CMSI, a leader in credit automation software and a growing force in loan-approval services over the Internet, has elevated Scott L. Freiman to president and chief executive officer.
CMSI -- formally Credit Management Solutions Inc. -- also named Miles H. Grody chief operating officer and John J. McDonnell Jr. chairman. Mr. McDonnell, CEO of Transaction Network Services Inc., has been a CMSI director since 1996.
Peter M. Leger, president for almost a year, resigned, citing a desire to be closer to his family, which was unable to relocate to Maryland from Chicago.
Mr. Freiman, 36, a cofounder of CMSI, was executive vice president and director since 1987, most recently taking charge of electronic commerce initiatives.
Mr. Grody, 43, was senior vice president and director since 1995, serving as general counsel, corporate secretary, and business line manager of the credit decisioning division.
As chairman, Mr. McDonnell, 61, succeeded another CMSI founder and its largest shareholder, James R. DeFrancesco, who remains on the board. "His level of experience adds considerable depth to the talent pool represented by our outside directors," Mr. DeFrancesco said.
Mr. McDonnell in August announced an agreement to sell Transaction Network Services, a top provider of communications support to point of sale payment networks, to PSINet Inc. for $720 million.