Interstate National Announces Addition of CFO Tirone 'Just Adds Up'

Apr 15, 2010, 10:08 ET from Interstate National Corp.

ATLANTA, April 15 /PRNewswire/ -- Interstate National Corp., a portfolio company of Golden Gate Capital and umbrella corporation for Interstate National Dealer Services (INDS), RpmOne and National Warranty Corp. / Payment Insured Plan, Inc. (NWC), announced today the addition of a key executive to their current team of industry stars.

Geoffrey Tirone will be joining Interstate's executive team as Chief Financial Officer responsible for managing the overall financial operations of Interstate and its subsidiaries as well as the financial reporting of the company.

Tirone's tenure includes eight years as Director in the Transaction Services Group of PricewaterhouseCoopers LLP focusing on the Financial Services industry with relevant experience of performing due diligence on a number of companies in the vehicle service contract space.  Prior to joining PwC, Tirone was Senior Manager in the audit practice of KPMG LLP, with a focus on the insurance industry.

"Geoffrey's vast experience with prominent brands in the finance and insurance sector as well as high profile private equity firms, positions our financial management in the highest of standards and practices.  His unique ability to analyze complex financial data in order to assess what makes companies profitable and where there's area of weakness will be a stronghold for our financial future," CEO Shaun Fetherston stated.

"I bring a very unique analytical viewpoint to Interstate which will allow our team to guide the company towards operating at peak financial performance as well as bringing an unsurpassed customer-service viewpoint to our operations," Tirone added.

Tirone holds a Bachelor of Science in Business Administration with an Accounting major from The Ohio State University.  Tirone will immediately oversee the relocation of Interstate's world headquarters from Uniondale, NY to Atlanta, GA, and focus on the future of Interstate's financial operations and strong positioning for the economic upturn.

About Interstate National Corporation

Interstate National, headquartered in Atlanta, Georgia, offers producers 35-years of experience with nearly 3 million contracts sold and $1 billion in paid claims to over 1.5 million consumers.  In addition, Interstate National partners with over 3,000 producers in the U.S. and Canada; and has distributed over one-quarter of a billion dollars in underwriting gains and investment income.

About Golden Gate Capital

Golden Gate Capital, headquartered in San Francisco, is a global private equity investment firm with approximately $9.0 billion of capital under management. Investors include leading educational endowments, non-profit foundations, and selected financial institutions, entrepreneurs and managers. The firm's charter is to invest in change-intensive and growth-oriented situations where there is a demonstrable opportunity to significantly enhance a company's value. The Principals of Golden Gate Capital have completed approximately 140 such transactions aggregating to over $19 billion in enterprise value across all major sectors of the economy. For more information visit www.goldengatecap.com.

SOURCE Interstate National Corp.