LERETA, LLC, a prominent nationwide provider of real estate tax and flood zone determination services, today announced the appointment of its current President, Mr. Jim Thornton, to the role of Chief Executive Officer. Concurrently, Mr. Doug Foley, current
CEO, will continue to serve as the Company's Chief Administrative Officer (“CAO”). Both Thornton and Foley are minority shareholders of LERETA, LLC and will continue to serve as members of LERETA's Board.
Mr. Thornton has over 20 years of experience serving the mortgage lending industry, and has held various key leadership roles at LERETA since its early beginnings, including oversight of all operating divisions and leadership of the Company's Strategic Development, Sales & Marketing divisions. During his career, Thornton served as a Manager with Coopers & Lybrand ('83 -'91) and as the CEO of Marshall,
Swift, Boeckh ('05-'08). Mr. Thornton joined with Mr. Foley and a majority investment sponsor group, Tarsadia Investments, LLC, in September 2009 to purchase Land America Tax & Flood (later renamed LERETA, LLC).
Commenting on the executive office restructuring of LERETA, Mr. Foley stated, “It has been my honor to serve LERETA's Board, customers, employees, vendors and other valued business partners as CEO over the last 4 1/2 years. During this time, we've exceeded our goals to create substantial financial stability and depth of available financial resources, enhanced and developed state of the art technology and systems, and secured a team of experienced and tenured managers and staff who are poised to ensure our continued success and growth. This restructuring will allow Jim and me to continue to serve the Company in the most advantageous and strategic manner. I am proud of Jim’s and my accomplishments as partners sharing the Executive office of LERETA, and thankful to all LERETA teammates who have supported us in our previous roles. Moving forward as CEO and CAO, respectively,
Jim and I are enthused and confident that these changes will help us to continue to achieve our future strategic objectives and remain on our current successful trajectory."
Jim Thornton said “Doug and I have been privileged to be part of an amazing team of professionals here at LERETA for over 20 years. We’ve experienced significant growth, seen many changes in the real estate market, and built many great relationships. LERETA’s journey started back in 1986 when the original founding fathers formed the Company for the primary purpose of providing a higher level of service to the mortgage lending industry. Today we have exactly that same purpose. As Doug and I look to the future, even though our roles are changing, we are both very excited about the opportunity to help build LERETA’s next generation of products and services, and continue providing extraordinary service to our current and future customers.”
Mr. Greg Casserly, a representative of LERETA's majority shareholder group, Tarsadia Investments, LLC,
added, "We are delighted to continue to secure the services of two highly experienced and talented industry executives. Doug and Jim are experienced professionals and longtime business partners. We support them fully and are confident about the company's continued performance and delivery of superior services."