NEW YORK, Aug. 30, 2017 /PRNewswire/ -- Private Export Funding Corporation ("PEFCO") — announced that on July 5, 2017, Richard S. Aldrich, Jr., a PEFCO Director since 1997 and a former corporate partner at Skadden, Arps, Slate, Meagher & Flom LLP, and previously at Shearman & Sterling LLP, was elected Executive Chairman by the PEFCO Board of Directors. The newly created position of Executive Chairman involves oversight over PEFCO's business strategy and operations. Mr. Aldrich will work together with Mr. Timothy Dunne, who will continue as PEFCO's President and Chief Executive Officer.
PEFCO, located at 280 Park Avenue, New York City (www.pefco.com), is principally engaged in making U.S. dollar loans to foreign importers to finance purchases of goods and services of United States manufacture or origin. PEFCO was established in 1970 with the support of the United States Department of the Treasury and the Export-Import Bank of the United States ("Ex-Im Bank") to assist with the financing of U.S. exports through the mobilization of private capital as a supplement to financing already available through Ex-Im Bank, commercial banks and other U.S. government institutions, such as Overseas Private Investment Corporation, whose obligations are backed by the full faith and credit of the United States. At June 30, 2017, outstanding export loans made by PEFCO and guaranteed as to principal and interest, by Ex-Im Bank and other such U.S. government institutions totaled $6.1 billion.
Press inquiries should be directed to:
Richard S. Aldrich, Jr./Timothy C. Dunne
SOURCE Private Export Funding Corporation