PORTLAND, Ore. -- TRM Corporation (Nasdaq: TRMM) has appointed Kenneth L.
Tepper as its president and chief executive officer, replacing Daniel Spalding, who is resigning after seven months in the CEO's slot.
Spalding, who joined TRM in 1999, had also served as the company's chief financial officer and chief operating officer.
In addition to assuming responsibility for day-to-day management of the company, Tepper will remain as TRM's chairman of the board.
Tepper has been a member of TRM's Board of Directors since 1998. He has spent much of his professional career in the banking industry and served most recently as president and CEO of USABancShares.
He holds a law degree from Villanova University and is a graduate of Emory University. Currently, Tepper serves on the Board of Directors of the Pennsylvania Industrial Development
Authority, and is a former finance chairman of the Pennsylvania Republican Committee.
After reporting a net loss of $6.5 million for 2001, TRM reported a loss of $337,000 in its most recent quarter, ended March 30, an improvement from the $788,000 loss reported in 2001's first quarter.
According to the company's financial statements, TRM had 2,448 ATMs installed in the U.S. and the UK in 2002's first quarter and 29,163 CopyCenter photocopiers. CopyCenters accounted for $14.2 million of the $20.6 million in revenues TRM reported in the quarter, with ATMs accounting for $5.7 million of revenues.
TRM currently employs approximately 500 people throughout the U.S., Canada and the UK.
