Press Release

RolloverSystems Appoints J. Spencer Williams As President and Chief Executive Officer

Financial Industry Veteran to Direct Leading Provider of 401(k) Rollover Service

 

CHARLOTTE, N.C. (March 28, 2007) -- RolloverSystems, the pioneer of the independent, automated 401(k) rollover platform, today announced that it has appointed J. Spencer Williams as President and Chief Executive Officer. Bringing over 20 years of experience in the financial arena, Mr. Williams most recently served as senior vice president, Income Management Group, MassMutual. He will begin his tenure at RolloverSystems in mid-April.

Mr. Williams succeeds Lisa Pickrum, Chief Operating Officer of The RLJ Companies, and a member of the RolloverSystems Board of Directors. The RLJ Companies has been an investor in RolloverSystems since 2005. Ms. Pickrum was named interim CEO of RolloverSystems in January 2007. She will remain on the Board, working closely with Mr. Williams to ensure a smooth transition in executive leadership.

"Spencer is the right individual to lead RolloverSystems to the next level in its growth," stated Ms. Pickrum. "He has a strategic vision to continue to grow the customer base and provide a solution set that will become the industry standard. The consummate team player, Spencer has instilled confidence in the current members of the management team, and we are all excited to see him join the company."

In his new role, Mr. Williams will lead RolloverSystems' efforts in delivering superior service while forging new partnerships with a diverse set of clients in the rollover and retirement industry.

"The members of the board are looking for a CEO who understands the need for the company to drive towards an industry standard that takes into account the complexities of the rollover services market, including the varied stakeholders who touch the end participant in the process," said Robert L. Johnson, CEO and Chairman of The RLJ Companies and majority owner of the NBA Charlotte Bobcats. "Spencer's experience makes him well-suited to this role. In addition, he is a seasoned executive who understands the strategy and process needed for RolloverSystems to grow to its full potential."

"The rollover IRA market is an unprecedented opportunity involving hundreds of billions of dollars and tens of millions of Americans," said Mr. Williams. "RolloverSystems is uniquely positioned to help stakeholders such as retirement plan consultants, employers, consumers, plan providers and financial advisors to maximize their opportunity in the IRA market. I feel privileged to lead such an innovative company at this important time."

Mr. Williams is exceptionally qualified to lead RolloverSystems' continued growth, having held leadership positions within both the asset accumulation and retirement income spaces of the retirement services industry. He also has experience in all phases of business development and product lifecycle marketing, from launching start-ups to reinvigorating mature businesses. Most recently, he led MassMutual's Income Management Group in its efforts to introduce new strategies and offerings to the emerging retirement income market. Prior to joining RolloverSystems Mr. Williams served in various executive management roles within several divisions of MassMutual including Life Sales & Marketing and MassMutual's Retirement Services Group. In addition, he was CEO of Persumma Financial, LLC, a MassMutual Financial Group company formed to provide a new generation of services to the 401(k) market.

Before his tenure at MassMutual, Mr. Williams spent more than a decade in a variety of management positions in the financial services industry, including stock and option trading on the floor of several major U.S. exchanges. He headed the development and operation of an international family of mutual funds based in the U.S., and an international stock arbitrage operation. A 1979 graduate of the United States Naval Academy, Mr. Williams earned his undergraduate degree in English and his MBA from the University of Pittsburgh. He is a registered representative as well as an NASD registered securities principal.