Frank J. Petrilli Named Nexxar Group CEO Tuesday, December 20, 2005
New York, NY - Nexxar Group, Inc., a global money transfer company, announced that Frank J. Petrilli has been named President and Chief Executive Officer. Petrilli led TD Waterhouse as President and Chief Executive Officer for nearly ten years, retiring in October 2004.
"Nexxar is extremely fortunate to have Frank Petrilli at the helm, especially during this next phase of growth," said Richard Garman, Chairman of Nexxar and Managing Partner of FTVentures, a private equity firm and investor in Nexxar. "Frank brings a tremendous track record of proven leadership and expertise in building successful enterprises. We are confident that his management capabilities and operational acumen will enable Nexxar to reach its business goals and achieve its potential."
"I am delighted to join Nexxar Group," said Petrilli. "I look forward to working with all of Nexxar's employees, but especially its executive leadership team - an experienced group of industry-savvy professionals building a leading global money transfer company by creating the industry's best value proposition. I expect to initially spend a considerable portion of my time cementing and deepening our relationships with Nexxar's business partners and other stakeholders."
During Petrilli's tenure at TD Waterhouse, the company grew into one of the leading online financial services firms in the world. Petrilli's innovations at TD Waterhouse included the launch of online investing, which currently accounts for almost 90% of its customers' transactions; the creation of TD Waterhouse Bank, an integrated banking-brokerage platform; and the formation of TD Waterhouse Asset Management, the firm's money management division, which manages $10 billion of money market funds for clients.
Prior to his career at TD Waterhouse, Petrilli spent nearly seven years at American Express, where his last role was President and Chief Operating Officer of the American Express Centurion Bank.
About Nexxar Group, Inc.
Nexxar Group is a rapidly growing global payments and financial transaction processing company serving consumers and businesses worldwide. Nexxar utilizes a state-of-the-art technology platform and operates worldwide service hubs to provide money transfer, bill pay, check cashing and money order services for individuals as well as international transaction processing services for global financial institutions.
FTVentures provides capital to growth companies to finance organic expansion, recapitalizations, build ups and buyouts. The firm invests in business services and software companies that derive value from its unmatched Global Partner Network, which includes 38 of the world's leading financial institutions. FTVentures' Global Partner Network provides the firm with a unique vantage point into the business driven IT and operating challenges of the global enterprise. Founded in 1998, FTVentures currently has $623 million under management with offices in San Francisco and New York. For more information, please visit www.ftventures.com.
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