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Advance America CEO retiring after 5 years

Mar 1, 2011 10:27:00 AM - thestate.com
The president and chief executive of payday lender Advance America Cash Advance Centers is retiring after five years with the Spartanburg company.

Advance America says Ken Compton retired Monday but will stay on the company's board of directors.

The company says the board has elected chief financial officer J. Patrick O'Shaughnessy to succeed Compton.

O'Shaughnessy has been with Advance America since 2007. He previously has worked as an investment banker and has a master's in business from the University of Chicago Graduate School of Business.

Advance America was founded in 1997 and calls itself the nation's leading payday advance company. It has more than 2,800 centers in dozens of states, Canada and the United Kingdom.