Asset Acceptance Capital Corp., a Warren, Mich., buyer of charged-off card receivables, said Tuesday that it will promote Rion Needs, a veteran of American Express Co., to president and chief executive officer.

He will start his new job Jan. 1 and will succeed Brad Bradley, who will remain on the board as a nonexecutive chairman, Asset Acceptance said.

In addition, a ninth seat will be added to the board for Mr. Needs when his promotion takes effect, the company said.

Mr. Bradley joined Asset Acceptance in 1979, became its president in 1994, and added the CEO title in 2003. Asset Acceptance went public the following year.

He said in a press release that Mr. Needs, who joined the company as chief operating officer last year after more than 22 years at Amex, "was hand-picked to lead Asset Acceptance."

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