Synchrony announces organizational changes to accelerate its strategy and growth
“Over the past few years, Synchrony has continued to advance our strategy and long-term vision, focused on growth and portfolio diversification. This has included adding new types of partners, advancing our digital transformation, and expanding our networks, markets and products. We continue to adapt and drive innovations at the speed of change – particularly as we come out of the unprecedented year of 2020 – and benefit from our strong financial and cultural foundation, ”said Brian Doubles, President and CEO. the management of Synchrony.
“With Synchrony in a strong position, we are now poised to accelerate our strategy by aligning our organization for faster growth and execution. With the changes we are announcing today, we will be even better positioned to deliver to our partners, customers, employees and shareholders for the long term, ”said Doubles.
Synchrony makes the following changes:
1. Align partner portfolios to deepen industry focus and improve customer experience
Synchrony will align its partner portfolios across five platforms – instead of three today – to better match the growth and diversification of its partnerships in recent years. The five platforms are:
- Digital, led by Bart Schaller
- Health and Wellness, led by Beto Casellas
- Home & Auto, run by Curtis howse
- Diversified & Value, led by Maran Nalluswami
- Lifestyle, led by Darrell owens
The CEOs of Digital, Health & Wellness and Home & Auto Platform will report to Doubles. The leaders of the Diversified & Value and Lifestyle platforms will be managed under the executive direction of Tom quindlen, which will report to Doubles.
This structure will allow Synchrony to better meet the distinct needs of partners based on their industry and mode of operation, as well as further develop products and capabilities to drive stronger growth. Synchrony’s legacy and commitment to deep partnering relationships, which fuel partner growth and customer loyalty, remain firmly in place.
2. Establish a growth organization to evolve products, capabilities and services
The growth organization will bring together Synchrony’s marketing, data, analytics, customer experience and product development teams into one cohesive group. The organization will strive to bring data-driven, consumer-driven offerings to market in partner portfolios, with a focus on seamless customer experiences. This team will heighten Synchrony’s focus on digital products and capabilities, while driving go-to-market strategies to be proactively delivered for the company’s partners and consumers.
Michael bopp will lead the growth organization in the newly created role of Executive Vice President, Chief Growth Officer, reporting to Doubles. Bopp was previously EVP, Chief Customer Engagement Officer, where he led Synchrony’s data and analytics functions, as well as Synchrony’s work to create a seamless and integrated customer experience across the enterprise.
3. Combine technological and operational teams to fuel digital innovation and drive operational excellence and efficiency
Bringing together the Technology and Operations teams will foster collaboration, further accelerate the company’s digital initiatives, and more seamlessly serve Synchrony customers in the channels they prefer. The organization will strengthen Synchrony’s Agile culture and continue to accelerate business innovations while fostering greater operational excellence.
Carol juel will lead the team in the newly created role of Executive Vice President, Chief Technology and Operations Officer, reporting to Doubles. In his previous role as EVP, Chief Information Officer, Juel was instrumental in moving Synchrony to an Agile culture, promoting speed and innovation across the enterprise.
Synchrony will organize a virtual Investor Day on September 9, 2021 where he will share more details on his strategies to accelerate growth and innovation.
Synchrony (NYSE: SYF) is a leading consumer financial services company. We offer a wide range of specialized financing programs, as well as innovative consumer banking products, in key industries such as digital, retail, home, automotive, travel, health and pets. company. Synchrony enables our partners to increase sales and retain consumers. We are one of the largest private label credit card issuers in United States; we also offer co-branded products, installment loans, and consumer finance products for small and medium-sized businesses, as well as healthcare providers.
Synchronization is changing what’s possible thanks to our digital capabilities, deep industry expertise, actionable data, seamless customer experience, and personalized financing solutions.
For more information visit www.synchrony.com and Twitter: @Synchrony.
Caution Regarding Forward-Looking Statements
This press release contains certain forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by these sections. . Forward-looking statements may be identified by words such as “expects”, “intends”, “plans”, “plans”, “believes”, “research”, “objectives”, “outlook”, “Estimates”, “will,” “should”, “may” or words with similar meanings, but these words are not the exclusive means of identifying forward-looking statements. Forward-looking statements are based on current expectations and assumptions of management and are subject to uncertainties, risks and inherent changes in circumstances that are difficult to predict. Accordingly, actual results could differ materially from those shown in these forward-looking statements. actual results include political, economic, business, competitive, market, regulatory and other factors and risks, such as: the impact of macroeconomic conditions and whether Industry developments that we have identified are developing as expected, including the future impacts of the novel coronavirus disease (“COVID-19”) outbreak and the measures taken to deal with it for which future developments are very uncertain and difficult to predict; the loyalty of existing partners and the attraction of new partners, the concentration of our revenues in a small number of Retail Card partners, and the promotion and support of our products by our partners; cyber attacks or other security breaches; disruptions in the operations of our IT systems and data centers as well as those of our outsourced partners; the financial performance of our partners; the sufficiency of our allowance for credit losses and the accuracy of the assumptions or estimates used in the preparation of our financial statements, including those related to CECL’s accounting guidelines; higher borrowing costs and adverse financial market conditions affecting our funding and liquidity, and any downgrades in our credit ratings; our ability to grow our deposits in the future; damage to our reputation; our ability to securitize our loan receivables, the occurrence of early amortization of our securitization facilities, the loss of the right to manage or subcontract our securitized loan receivables and the decline in payment rates on our loan receivables securitized; changes in market interest rates and the impact of any margin squeeze; the effectiveness of our risk management processes and procedures; the use of models which may be inaccurate or misinterpreted; our ability to manage our credit risk; our ability to offset increases in our costs in retailer share ownership agreements; competition in the consumer credit sector; our focus on the US consumer credit market; our ability to successfully develop and market new or improved products and services; our ability to realize the value of strategic acquisitions and investments; reductions in interchange fees; fraudulent activity; the inability of third parties to provide various services important to our operations; international risks and compliance and regulatory risks and costs associated with international operations; alleged infringement of the intellectual property rights of others and of our ability to protect our intellectual property; litigation and regulatory actions; our ability to attract, retain and motivate key executives and employees; initiatives or challenges to tax legislation relating to our tax positions and / or interpretations, as well as national sales tax rules and regulations; the regulation, supervision, review and enforcement of our activities by government authorities, the impact of the Dodd-Frank Act on Wall Street reform and consumer protection (the “Dodd-Frank Act”) and other legislative and regulatory developments and the impact of consumer protection law The Protection Bureau’s (the “CFPB”) regulation of our business; the impact of capital adequacy rules and liquidity requirements; restrictions that limit our ability to pay dividends and redeem our common shares and restrictions that limit the Bank’s ability to pay dividends to us; regulations relating to confidentiality, information security and data protection; the use of third party suppliers and ongoing business relationships with third parties; and non-compliance with laws against money laundering and terrorist financing.
For the reasons described above, we advise against relying on forward-looking statements, which should also be read in conjunction with the other cautionary statements included in our public documents, including under the heading “Risk Factors Relating to Our Business And “Regulatory Risk Factors” in the Company’s Annual Report on Form 10-K for the Year Ended December 31, 2020, as filed on February 11, 2021. You should not consider a list of these factors to be an exhaustive statement of all the risks, uncertainties or potentially inaccurate assumptions that could cause our current expectations or beliefs to change. Further, any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement to reflect events or circumstances subsequent to the date on which the forward-looking statement is made. statement is made or to reflect the occurrence of unforeseen events, unless otherwise provided by law.
Investors: Jennifer church
Media: Lisa lanspery