The Larry H. Miller Group of Cos. has named Richard (Rich) Hyde as president of Prestige Financial Services (PFS), a business enterprise group within the LHM Group portfolio. Hyde will oversee the PFS business operations, lead strategy development and build and maintain a strong organizational culture.
“Rich is a proven leader with expertise in the operational aspects of PFS, who strategically achieves strong results even during shifts within the industry and economy,” said Steve Starks, CEO of the LHM Group. “He is also an excellent communicator who builds high-performing teams and cultivates an engaging and inclusive culture. It is a privilege to work with Rich and to witness his positive impact on our organization, our partners and our customers.”
Hyde, who has been the chief operating officer of PFS since 2013, has more than 25 years of senior-level leadership experience successfully managing financial companies in various financial industries. Hyde joined PFS in 2002 as senior vice president of servicing. In addition to experience in the subprime auto sector, he has spent time in credit card, small dollar, manufactured housing and mortgage finance operations, including holding senior-level roles at CitiFinancial Mortgage, Conseco Finance and Associates Capital Bank. Hyde graduated magna cum laude from Ashford University with a bachelor’s degree in organizational leadership.
Hyde serves on the executive board of directors and the independent auto finance board for the American Financial Services Association. Hyde was named “Director of the Year” by Conseco Finance and has been recognized by SubPrime Auto News as a recipient of its “Movers and Shakers” award.
“I look forward to leveraging my experience and capabilities in the financial industry to ensure long-term success for PFS and to leading our strong team as we further define and execute our growth strategy,” said Hyde. “I have been with this organization for nearly two decades and am grateful for the opportunities that the Miller family and the Larry H. Miller Group of Cos. have given me.”
Hyde replaces David Smith, who served as interim president of PFS over the past year, following the retirement of long-time president Bryant Henrie. Smith is currently the chief strategy officer for the LHM Group.
Founded in 1994, Prestige Financial Services provides consumer financing for automobile dealerships in more than 40 states. Prestige employs approximately 600 credit professionals and support staff to service a wide range of borrower types.