Brings 20 Years Of Major Financial Sector Expertise To Support Company’s Financial Operations In 1031, Legal And Government Escrow Administration
San Jose, CA June 16, 2009 — NES Financial (NESF), a leading financial services provider for the banking industry and Fortune 500 companies, announced today that it has appointed Stephen N. Gray to the position of Chief Financial Officer. Stephen brings extensive experience in strategic planning, accounting and finance for equipment lessors, manufacturing and financial services companies.
Stephen has been involved in the finance sector for three decades. Prior to joining NESF, he served as CFO for Seacastle, Inc., the world’s largest operating lessor of intermodal equipment with revenues of more than $4.5 billion. Before Seacastle, he served as CFO at Resun Corporation, a $450 million turnkey engineered-space solution provider for the government, commercial, education and healthcare markets. Stephen’s prior positions include CFO/COO of Boeing Commercial Finance, CFO of Mellon US Leasing and Operations Director of Matson Navigation.
“Stephen’s ability to link financial operations with business strategy is critical at NESF given our core competencies are in financial services that support banking institutions, equipment finance companies, public and private REITs, law firms, and federal and state governments,” said Michael Halloran, President and CEO of NESF. “Additionally, he delivers a background establishing ‘best practices’ governance including SEC reporting and SOX compliance to his companies which makes him a natural fit for the CFO position at NESF where transparency and compliance are key components of our corporate DNA and value proposition.”
Stephen’s background includes strategic acquisitions and divestitures for both public and private companies along with a substantial track record in capital development through private equity investors, investment bankers and lenders. He has also cultivated and maintained solid relationships with auditors, analysts and rating agencies in maritime, aviation, financial services, logistics and transportation industries. In addition to establishing internal financial systems, Stephen is well versed in Sarbanes-Oxley compliance regulations and is Series 7 and 63 General Securities NYSE/NASD registered.
“I am excited to be joining the NES Financial management team,” said Stephen, newly appointed CFO of NESF.
“I know what industry-leading companies look and behave like. With NES Financial’s domain expertise, underlying technology, voluntary investment in compliance, service and support capabilities – I am confident that I have found a good place to be when markets are in need of better security, compliance and transparency.”
About NES Financial
NES Financial is a provider of innovative services for administrating complex multiparty escrows, trusts and financial transactions for the 1031 tax-deferred exchange industry, the legal profession, and federal, state and municipal governments. NES Financial is a leader in the provision of systems and capabilities that ensure transparency, security and compliance for stakeholder protection. NESF utilizes state-of-the-art data technologies and business processes for optimizing best business practices, cost containment and operational efficiency. NESF submits to independent annual audits of internal controls to protect client assets, ensure the accuracy of reports and provide a comprehensive audit trail on financial transactions. For each year of its operations, NESF has received an unqualified SAS 70 Type II certification and complies with Sarbanes-Oxley Section 404 and other state and federal standards for financial controls, privacy and reporting.
Nationwide Exchange Services, the company’s 1031 services division, is the nation’s leading provider of Internal Revenue Code Section 1031 Like-Kind Exchange services for Fortune 500 companies, servicing billions of dollars of exchange transactions annually.