PenChecks, Inc. Names New President and a New Chief Operating Officer
December 19, 2018
SAN DIEGO, CA — PenChecks, Inc., parent company to PenChecks Trust™, a leader in outsourced retirement plan distribution solutions, is pleased to announce two important changes to its management team. Spiro Preovolos, a member of the PenChecks team for 17 years, has been promoted to President. Bryan Pruden, a former senior executive for Intel Corporation, SAIC and Celergy Networks, has been hired to serve as the company’s new COO.
Preovolos, who most recently was Vice President of Strategic Development for PenChecks, will now oversee the IT, Product Management and Sales and Marketing functions in his new role as President. His responsibilities will also include cultivating strategic partnerships that can enhance the company’s product and service offerings.
“I’m looking forward to taking on the challenges of my new role during a time of robust growth,” says Preovolos. “These will include the development of new products and services to meet the changing needs of our clients, as well as expanding into new market areas to enhance the growth of PenChecks and take advantage of new opportunities in our industry.”
As COO, Pruden will oversee the company’s day-to-day operations, as well as the Finance, Client Services and Human Resources functions. He will also be responsible for ensuring that PenChecks continues to deliver the fast, personalized service it is known for throughout the industry, and will lead the company’s increased focus on growth through targeted mergers and acquisitions.
“I am excited and honored to join the PenChecks team,” says Pruden. “The company is well-positioned to take advantage of the many opportunities available in the retirement plan space, and I look forward to using my experience with mergers and acquisitions to support our ambitious growth plans.”
To complete the management transition, company founder Peter Preovolos is stepping out of the role of President while maintaining his status as Chairman and CEO. He will now focus on the future direction of the company and mentoring the next generation of management.
“Over the last few years, we’ve worked hard to build a management team that can take the PenChecks family of companies to the next level,” he says. “With the promotion of Spiro and the addition of Bryan, we get the best of both worlds. Spiro has a long history with the company and a deep understanding of our industry, our people and our technology. Bryan brings an outside, fresh perspective with fantastic executive knowledge working with large firms in a number of areas, including spearheading M&A efforts. Last year we grew at a strong double-digit pace, and I’m confident we have the leadership to continue our strong growth.”
About PenChecks Trust
PenChecks Trust is a state-chartered, non-depository trust company and one of the largest independent providers of outsourced benefit distribution services and Automatic Rollover IRAs and Missing Participant IRAs in the U.S. With almost 25 years in business, PenChecks Trust is an expert and industry-leading provider of unique and comprehensive solutions for a myriad of plan and distribution issues. Services include automated and branded solutions for benefit payments, benefit election processing, missing participant searches, Automatic Rollover and Missing Participant IRAs, uncashed/stale-dated check resolution and Abandoned Plan/QTA Services. Customers include financial institutions, third-party administrators, plan advisors, and plan sponsors.