VantageScore announced on Friday that president and CEO Silvio Tavares is stepping down after five years leading the credit scoring company, with Anthony Hutchinson appointed as interim CEO.
VantageScore‘s board has begun a formal search for a permanent successor, according to a company release. Hutchinson, who previously led VantageScore’s public affairs and government relations efforts, will work with the board and management team during the transition.
The company did not specify Tavares’ reason for stepping down, but the board credited Tavares with leading the company’s growth and strengthening its position in the credit scoring industry.
“We thank Silvio Tavares for his five years of strong leadership of VantageScore,” the board said in a statement. “During his tenure, VantageScore more than tripled its market presence and achieved numerous breakthroughs including widespread adoption in the U.S. mortgage credit-scoring market.”
Tavares said he was proud of the company’s growth and its efforts to expand access to credit.
“Together, we consistently delivered industry leading innovation and growth at a very high scale,” Tavares said. “Along the way VantageScore responsibly expand...