Advanta Corp. names new leader of credit card unit

Business Wire, Oct 17, 1996

SPRING HOUSE, Pa.--(BUSINESS WIRE)--Oct. 17, 1996--

James J. Allhusen to lead unit upon Robert A. Marshall's retirement

Advanta Corp. (NASDAQ:ADVNB;ADVNA) reported Thursday that the president of its credit card unit, Robert A. Marshall, has announced his plans to retire on Dec. 30, 1996 and that James J. Allhusen has been appointed his successor.

Marshall, 55, joined Advanta in 1988 and helped build the company's credit card business from that of a relatively small issuer to its current position as the ninth largest in the United States with $12.7 billion in managed credit card assets as of Sept. 30, 1996.

Formerly, Marshall had been chief operating officer of a Scudder, Stevens and Clark subsidiary, a money market portfolio management firm. Marshall's earlier career included 11 years at Citibank, which culminated in his position as a senior vice president of retail services, and five years at Avon Products.

"Bob's decision to retire has come at the end of a remarkable run of accomplishments in a very distinguished career," commented Richard Greenawalt, Advanta president and chief operating officer.

"You need look no further than the 1,500 employees in our credit card unit, or our nearly six million credit card customers, or the bar charts of our earnings growth to see the impact of Bob's direction over the past nine years. Bob has served Advanta long and well; I only hope that his retirement is as long and rewarding as his professional career."

In naming Allhusen as Marshall's successor, Alex W. "Pete" Hart, chief executive officer of Advanta, explained, "Jim is a natural fit for the job. He has 25 years of experience in marketing and banking and has spent the last year at Advanta planning our international strategy and managing our British joint venture with The Royal Bank of Scotland.

"He is already intimately familiar with our services and systems, and therefore we will be assured of a smooth transition in leadership." Allhusen will continue to oversee Advanta's international expansion as he assumes responsibility for the domestic credit card business.

Prior to joining Advanta a year ago, Allhusen, 47, was a senior executive of Standard Chartered Bank. While there, he held a variety of positions including the management of that global bank's consumer banking business. In that capacity, he introduced credit card programs in a variety of new markets and led the dramatic growth of Standard Chartered's card portfolio in Hong Kong, Singapore, and Malaysia.

Prior to that, Allhusen served as president of the Midwest Division of Household Bank, a position he assumed after leading the credit card company within National City Corp. Through the 1970s, Allhusen held marketing positions at Procter and Gamble, United Virginia Bankshares, and Bank of Virginia.

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 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

Stacey Chazin, 215/732-4100