PORTLAND, Ore. -- Fred Stockton, who had served as director, president and chief executive officer of TRM Corporation since joining the company in 1997, has resigned from TRM to pursue other business interests.
Daniel L. Spalding, who joined TRM in 1999 as chief financial officer and was recently appointed chief operating officer, will replace Stockton as president. Prior to his tenure at TRM, Spalding was chairman and CEO of Powercorp Australia, a $1.6 billion division of PacifiCorp.
"Mr. Spalding's close working knowledge of TRM makes him a natural fit as we approach the next phase of our corporate development," said Kenneth L. Tepper, chairman of TRM's Board of Directors.
Under a new management structure approved by the board, Tepper will assume responsibility for strategic development.
In its most recent quarter ended June 30, TRM reported a net loss of $379,000 and revenues of $20.4 million, an improvement from a net loss of $904,000 and revenues of $19.3 million in the year-earlier quarter.
According to TRM, it had 1,847 ATMs installed in the U.S. and UK as of June 30.
