NEW YORK--(BUSINESS WIRE)--Private Export Funding Corporation (“PEFCO”) announced that its Board of Directors, at its regularly scheduled September 2021 meeting, elected Rajgopalan Nandkumar, currently Senior Vice President and Treasurer, to be its new President and CEO and a member of PEFCO’s Board of the Directors. By his election - made as part of the Board of Directors’ succession planning - Raj succeeds Timothy Dunne, whom the Board named to the newly-created position of Senior Vice Chairman. Raj's election as President and CEO will allow him to focus on PEFCO’s long-term direction and plans to achieve profitability as the market for export credit expands.
Richard Aldrich, Executive Chairman, stated that “Raj not only has been an outstanding Treasurer but also played a critical role in multiple aspects of PEFCO’s operations for several years working closely with Tim and me including helping develop overall ongoing business strategy and managing PEFCO’s relationships with The Export Import Bank of the United States ('EXIM') as well as with PEFCO’s shareowners, rating agencies, banks and investors. During this time, Raj has assumed key leadership roles in the implementation of PEFCO’s strategic plans, including the successful renewal in September 2020 of PEFCO’s Guarantee and Credit Agreement with EXIM for a 25-year term. He will be responsible on a temporary basis for treasury matters pending the hiring of a new treasurer.”
Richard and Raj both stated:
“On behalf of the Board and PEFCO personnel we wish to thank Tim for his many years of leadership and look forward to working with him in his new role.”
PEFCO is principally engaged in making loans, arranged by financial institutions, to foreign importers to finance the purchase of goods and services of US manufacture or origin. Established in 1970 by a group of U.S. financial institutions with the support of the U.S. Department of Treasury, the US Department of Commerce, the Federal Reserve and other government agencies, PEFCO, a Delaware corporation with 26 shareowners, operates principally through its long-standing relationship with EXIM, which guarantees the principal and interest on PEFCO’s long-term loans and the interest on its long-term debt under a separate 25-year guarantee. To a lesser extent PEFCO also provides financing support to other US government agencies.
PEFCO is headquartered in New York at 675 Third Avenue, Suite 425, New York, N.Y. 10017.
