Steve Norwood Named Executive Chairman of the Board
Primeritus Financial Services, Inc., (PFS), a national leader of repossession management, remarketing, titled services, and skip tracing services to the financial services industry, announced today that Jennifer Turnage has been named Chief Executive Officer. In this role, she will oversee all of Primeritus’ operations. While Steve Norwood has stepped down from the CEO role, he will remain on the Board of Directors and continue to play a pivotal role in developing the management team and key personnel, and fostering valuable client relationships.
Turnage joined Primeritus in 2022 to serve as the Chief Financial Officer at the behest of Norwood. One year later, she was promoted to President. Norwood and Turnage have a lengthy history of building successful companies together, and the newly restructured and growing Primeritus is the latest success story for the two longtime executive change agents.
In 2005, Norwood co-founded Consolidated Asset Recovery Systems (CARS) and successfully led the company as President and CEO until it was eventually acquired by Primeritus Financial Services in 2019. When PFS faced challenges in 2022, Norwood was asked to come out of retirement and lead the company into a brighter future.
“When I was asked to rejoin Primeritus as CEO in 2022 to help right the ship, the first person I contacted was Jennifer,” Norwood stated. “I knew her unparalleled financial and strategic acumen would be an essential piece to our future success.”
Turnage enters her new position bearing over two decades of senior leadership experience in financial and operations strategy with a deep understanding of the industry. Jennifer has served as CFO of eight successful companies and CEO of two. Turnage and Norwood first worked together when she served as the first CFO of CARS, a position she held for seven years. Before the company was later acquired by Primeritus, the duo helped grow it to as high as number 185 on the Inc500 among other accolades.
It’s no secret that 2023 was a year of change for Primeritus. From navigating complexities in invoicing with clients to fulfilling financial obligations to agents, Turnage and Norwood knew difficult decisions needed to be made and major changes were necessary. Operating procedures, consolidation of technology and financial systems, key executive hires, and rightsizing of the overall company headcount were all major focal points of the resurgence.
“2023 was all about moving quickly, making hard decisions, and implementing change,” added Turnage. “The focus of 2024 is all about the growth of the business and rebuilding our community and partnerships. We now have a streamlined organization, technology platform, processes and people to set ourselves and our partners up for success.”
The honesty and trust Norwood and Turnage have in each other were critical ingredients in the turnaround Primeritus has managed its way through, and the two look forward to more years of success together in 2024 and beyond.
About Primeritus Financial Services:
Primeritus is a nationwide provider of repossession management, remarketing, titled services, and skip tracing services to the financial services industry. Primeritus provides clients with value-added, outsourced repossession management, skip tracing, and remarketing services, leveraging a national network of certified agents and unique investigative techniques to quickly and reliably secure and liquidate customers’ collateral. Through leadership, service, compliance, and performance, Primeritus Financial Services offers the trifecta of repossession services: locate, recover, and remarket. For more information, please visit, www.primeritus.com
Media Contact:
Chuck Norman, APR
S&A Communications
cnorman@sacommunications.com
919-625-9873