IRVING, Texas -

One of the founders of Exeter Finance Corp. resigned his position late Monday as chief credit officer to pursue a new business venture, according to a company announcement.

Exeter said Daniel Parry will serve in a consulting role to ensure a smooth transition during the next few months as Karyn Lentz takes over as chief credit officer

"We greatly appreciate Daniel's contributions over the past eight years and wish him success in his new endeavor," Exeter chief executive officer Mark Floyd said.

"His entrepreneurial spirit was one of the drivers in the formation of Exeter, a company that today has a portfolio of approximately $2 billion in auto loan receivables employing more than 1,100 people," Floyd continued.

As chief credit officer, Lentz will assume responsibility for all credit risk management functions.

Lentz joined Exeter in 2012, and in her prior position as senior vice president of risk management she led the development of Exeter's custom credit score card. She has an extensive background in subprime auto finance, including 11 years at AmeriCredit Financial Services where she advanced from senior analyst to vice president.

While at AmeriCredit, Lentz was instrumental in developing and implementing custom scorecards for both the originations and servicing areas of the business as well as developing and implementing portfolio management strategies.

Lentz also led the risk management group at Triad where she focused on portfolio management, providing loss forecasts and strategy development and implementation for the servicing organization.

"Daniel built an outstanding risk management group at Exeter, which makes the transition to Karyn's leadership a natural one," Floyd said. "Karyn's experience, expertise and leadership will continue to be a valuable asset for Exeter."

Additionally, Exeter indicated chief financial officer Cliff Buster will oversee all structured finance responsibilities going forward, The company made the move following the departure of vice president of structured finance Meredith Dormire, who has accepted a position in capital markets for a leading global payment services company outside the auto finance industry.