Deikel to Retire From Metris Board.Business Editors ST. LOUIS PARK, Minn.--(BUSINESS WIRE)--March 15, 2000 Metris Companies Inc. (NYSE NYSE See: New York Stock Exchange : MXT (Memory eXpansion Technology) A memory expansion technique introduced by IBM in 2002 for its Intel-based xSeries servers. Using a hardware compression algorithm, MXT doubles the amount of main memory in the computer. It is also available for licensing to other vendors. ), one of the nation's fastest growing direct marketing companies, today announced the retirement of chairman Ted Deikel, who was instrumental in the formation of the company and one of its founders. Deikel is retiring effective May 8 so that he can focus more time on a range of Internet-related investments. He will not stand for re-election as chairman or director at the company's annual meeting on May 9. "I'm pleased to have played a role in this great business success story," Deikel said. "Ron Zebeck, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , has built Metris into a direct marketing and 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. powerhouse, as evidenced by last year's financial results alone." Deikel has been chairman of the board since Metris went public in October 1996, and continues to be a significant shareholder of Metris stock. Metris is an information-based direct marketer of consumer credit products and fee-based services primarily to moderate-income consumers. Based in St. Louis Park, Minn., Metris also has operations in Scottsdale, Ariz.; Jacksonville, Fla.; Champaign, Ill.; Baltimore, Md.; and Tulsa, Okla. It employs more than 3,300 people. Visit Metris on the Internet at www.metriscompanies.com, www.directmerchantsbank.com, www.purchaseshield.com, www.idirectalert.com, www.ifraudalert.com, www.itripsaver.com, www.metristravel.com. Certain information discussed in this press release may constitute forward-looking statements within the meaning of the Federal Securities law. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those factors are: higher default and bankruptcy rates of the Company's target market of moderate income consumers; lack of seasoning of the Company's credit card portfolio, which creates a risk of increasing loss levels; the Company's limited history as a stand-alone entity; risks associated with acquired portfolios; interest rate levels; dependence on the capital markets and securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. of the Company's credit card loans to fund operations; and the general economic climate. For further information on factors that could impact the Company, and statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q Form 10-Q See 10-Q. , current reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. and annual reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . |
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