Advanta Corp. appoints Olaf Olafsson vice chairman of Advanta Information Services.SPRING HOUSE, Pa.--(BUSINESS WIRE)--Oct. 29, 1996--Advanta Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADVNB;ADVNA ADVNA Advanta Corporation (stock symbol) ) announced Tuesday that Olaf Olafsson, founder and formerly president and chief executive officer of Sony Interactive Entertainment Inc., has been named vice chairman and director of Advanta Information Services See Information Systems. , a newly formed subsidiary. Advanta Information Services is focusing on non-financial consumer services Consumer Services refers to the formulation, deformulation, technical consulting and testing of most consumer products, such as food, herbs, beverages, vitamins, pharmaceuticals, cosmetics, hair products, household cleaners, [paints, plastics, metals, waxes, coatings, minerals, that are information-based, applying the company's expertise in database management and target marketing to new opportunities. Dennis Alter, chairman of Advanta, said, "Olaf has already attained a high profile around the world for all that he has accomplished so soon in his career. In just five years, he built Sony Interactive Entertainment Inc. into a leader in its field. Having him join us for the launch of our new business is an auspicious aus·pi·cious adj. 1. Attended by favorable circumstances; propitious: an auspicious time to ask for a raise in salary. See Synonyms at favorable. 2. Marked by success; prosperous. beginning. "He'll bring us the benefit of his technological expertise -- particularly in R&D and software development -- as well as his knowledge of marketing and sales, all of which he's already demonstrated on a worldwide scale." "I enjoy working with smart people and solid companies in building new businesses," said Olafsson. "Advanta offers me both of those and has demonstrated a strong commitment to this new, exciting venture. I believe the work we will be doing will fundamentally change the way people interact through technology in their daily lives." Olafsson, 34, was president and chief executive officer of Sony Interactive Entertainment Inc. since its founding in 1991, overseeing the worldwide operations of the company's interactive entertainment, and media/software divisions. He was responsible for directing Sony's various CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). efforts, including the introduction of the much acclaimed PlayStation(TM). Prior to that, he held various positions at Sony, having joined the company as a researcher in 1984. Olafsson studied physics as a Wien Scholar at Brandeis University Brandeis University, at Waltham, Mass.; coeducational; chartered and opened 1948. Although Brandeis was founded by members of the American Jewish community, the university operates as an independent, nonsectarian institution. and was born in Reykjavik, Iceland. Advanta announced earlier this month that it had hired William J. Razzouk, formerly executive vice president of Federal Express, as chief executive officer and director of Advanta Information Services. With nearly six million customers, over $18 billion in managed assets and 3,400 employees at Sept. 30, 1996, Advanta Corp. is a rapidly growing consumer financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. enterprise. The company proudly serves customers and small businesses through high quality, innovative offerings of credit cards, mortgages, leases, insurance and deposit products. CONTACT: Advanta Corp. Phyllis Hoffman, 215/444-5073 or The Tierney Group Stacey Chazin, 215/732-4100 |
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