Purchasing Power, LLC, a voluntary benefit company offering the leading employee purchasing program through the convenience of payroll deductions, today announced that Joseph (“Trey”) Loughran has been appointed as the company’s Chief Executive Officer.
Loughran succeeds Richard (“Ritt”) Carrano, who has served as a senior executive of the company for 18 years and CEO since 2011. Mr. Carrano will continue to serve as a member of the board of directors and as an advisor to the company. Loughran will be based in Atlanta and report directly to the Purchasing Power Board of Directors.
“I have spent a lot of time with Trey and am confident that he is the right person at the right time for Purchasing Power. Trey has a proven track record of driving significant revenue growth within large private and public companies and experience with a range of growth strategies that will be key to the continued success of Purchasing Power,” said Carrano. “His extensive background in data analytics and financial services will provide valuable insights to the company. I have great confidence in his ability to take Purchasing Power to new heights and I am excited to have Trey leading our company in its next phase of growth.”
“Ritt has been involved in building Purchasing Power from the ground up and we thank him for his outstanding leadership in delivering numerous achievements over the last 18 years, including 10 consecutive years among the Inc. 5000 Fastest Growing Private Companies in America,” said Chris Ackerman, Managing Director of Flexpoint Ford, the Company’s financial sponsor and majority shareholder. “We are excited to welcome Trey to Purchasing Power and look forward to working with him to build on the legacy of growth and innovation that Ritt has established.”
Loughran comes to Purchasing Power having held multiple senior executive roles spanning financial services and technology, digital marketing and data analytics across both business-to-business and business-to-consumer platforms. He joins the company most recently from Red Ventures, where he was President of Bankrate.com, a leading online provider of banking services to consumers via one of the largest digital domains in financial services.
Prior to Red Ventures, Loughran held a number of senior executive roles over a 12-year career at Equifax, including president of two of the company’s four business units, chief marketing officer, and head of corporate development and emerging markets. His experience at Equifax includes working with large business customers across a range of segments including financial services and employer services, as well as providing financial wellness, credit, and identity protection services directly to consumers through digital channels. Before Equifax, Loughran held various roles at BellSouth Corporation, McKinsey & Company, and Lazard Frères & Co.
“I have watched Purchasing Power for years and admired the tremendous job Ritt and his team have done to build a market-leading platform poised for continued growth,” said Loughran. “I look forward to serving the company’s customers, clients and partners as we continue to develop innovative solutions for employers focused on the financial well-being of their employees.”
Loughran graduated magna cum laude from Harvard Law School and holds a bachelor’s degree in economics and political science from the University of North Carolina at Chapel Hill. He also serves as the chair of the board for the Be the Match Foundation, the country’s largest bone marrow and stem cell transplantation registry, is the past vice-chair of FinTech Atlanta and is a graduate of Leadership Atlanta.
About Purchasing Power, LLC
Purchasing Power, LLC, is one of the fastest-growing voluntary benefit companies in the industry, offering a leading employee purchase program for consumer products and services as well as providing financial tools and resources to improve employee financial wellness. Headquartered in Atlanta, Purchasing Power is available to millions of people through large companies including Fortune 500s, associations and government agencies. Purchasing Power is a Flexpoint Ford, LLC company. For more information, visit https://corp.purchasingpower.com/
About Flexpoint Ford
Flexpoint Ford is a private equity investment firm that has raised more than $4.3 billion in capital and specializes in privately negotiated investments in the healthcare and financial services industries. Since the firm’s formation in 2005, Flexpoint Ford has completed investments in more than 30 companies across a broad range of investment sizes, structures and asset classes. Flexpoint Ford is headquartered in Chicago, Illinois. For more information about Flexpoint Ford, please visit http://flexpointford.com/.
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