Accord Financial Corp. announced it has appointed Simon Hitzig as President and Chief Executive Officer effective Oct. 1. Hitzig takes on the role as Accord completes a five-year transformation, becoming one of North America's leading commercial finance companies.

Former President and CEO Tom Henderson remains with the company as Vice Chairman and director.

Hitzig joined Accord in 2011 after a long career in the investment industry. Notably, he spent 10 years with DundeeWealth Inc. where he led the product development and marketing teams, driving growth from 1999 to 2009, leading up to the company's sale to The Bank of Nova Scotia.

In his seven years at Accord, Hitzig has been a catalyst for change and a key member of the executive team, the company said. Hitzig joined the company as President of its non-recourse factoring division, and went on to structure and close three acquisitions, which diversified Accord's product offerings giving the firm a strong presence throughout the United States and Canada.

"Tom brought me in to advance our evolution and strategic plan, which has been a terrific mission for seven years. And he's worked hard to prepare me for this role and to ensure a smooth transition," Hitzig said.

Henderson passes on a growth mandate he directed for a decade as CEO. During that period, he carried on the tradition of strategic adaptation that has made Accord successful since 1978. Over the last five years, in particular, he orchestrated dramatic change, taking the company into complementary and profitable new market segments.

Henderson also deepened the management team, bringing on veteran banker Terry Keating to lead the U.S. asset-based lending division, and Hitzig to keep the growth plan on track.

"Two of Accord's founding fathers, Ken Hitzig and Fred Moss, are still a key part of our leadership team, and we've added top talent from outside and through acquisitions. The senior team has never been stronger," Henderson said.

From its roots as a respected factoring company, Accord has transformed into a commercial finance powerhouse offering a one-stop source of senior secured financing to middle market businesses. This transformation is now driving financial results to a new level, with revenue and total funds employed closing the second quarter at record highs.

"We've set the bar high, and fully intend to clear it," said Hitzig, adding, "our clients, staff and shareholders expect nothing less."