Larry H. Miller Management Corporation President Clark Whitworth and Prestige Financial Services, Inc. President Bryant Henrie jointly announced today the promotion of Richard L. Hyde to chief operating officer of Prestige. Hyde most recently served as the company’s executive vice president, a position he has held since 2009.

“Rich’s thorough understanding of this business, expertise in consumer credit, and demonstrated leadership of our employees allow us to make this move with great confidence,” said Whitworth.

Henrie added, “He’s had a tremendous impact on Prestige’s success through the years, and we look forward to the continued success he’ll facilitate for years to come.”

Hyde’s 22 years of professional experience have been devoted to loan servicing in the below-prime market. He joined Prestige in 2002 as senior vice president of collections, and eventually led a staff of nearly 200 customer service representatives, collectors and recovery agents. These responsibilities were further expanded to include oversight of Prestige’s loan production personnel.

Based in Salt Lake City, Prestige was founded in 1994 as an affiliate of the Larry H. Miller Group of Companies, which includes the NBA’s Utah Jazz and the country’s tenth-largest automobile dealership group. Today, Prestige manages a loan portfolio of $700 million and provides consumer finance solutions for nearly 2,000 auto dealerships in 45 states.

Prior to joining Prestige, Hyde was a division vice president of collections for CitiFinancial Mortgage. He also served as division training manager for Discover Card, vice president of collections at the regional center of Associates Capital Bank, and director of collections for Conseco, Inc. (now CNO Financial Group).

Hyde received his B.A. in organizational management from Ashford University.