NEW YORK — Effective March 7, Jeffrey Rubin, co-founder of Newtek Business Services Inc., has resigned as president and a director to pursue personal and professional business interests, the company said.
Rubin will continue his relationship with the company as a consultant, according to Newtek. The company said it does not have plans to replace his position at this time.
"I feel proud and extremely fortunate to have been part of building what Newtek has become and attribute its success to the relentless work of management and all the employees," Rubin said. "It is because of the quality of people now ingrained in the organization that I know the best is yet come for Newtek Business Services, and I look forward to seeing the company reach its potential."
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A provider of business services and financial products to the small- to medium-size business market, Newtek serves more than 40 credit union leagues and has a strategic services partnership with CUNA.
"While he will be sorely missed, we look forward to continuing our relationship with Jeff on a different level, as a consultant and adviser to Newtek," said Barry Sloane, chairman and CEO of Newtek, adding Rubin has signed a one-year consulting agreement with the company.
In other news, in a March 27 conference call, Newtek said for the full year ending Dec. 31, 2007, total revenue increased by $4.9 million, or 5.6%, to $92.8 million compared to $87.9 million in 2006. Total revenue from the three core business services segments– electronic payment processing, Web hosting and Small Business Administration lending–increased to $80.3 million, or 20%, in 2007 compared with $66.7 million in 2006. These three segments represented 87% of total revenue in 2007, an increase from 76% of total revenue in 2006.
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