SALT LAKE CITY —Richard L. Hyde has been promoted to chief operating officer of Prestige Financial Services Inc. Hyde most recently served as the company’s executive vice president, a position he has held since 2009. 

Hyde’s 22 years of professional experience have been devoted to loan servicing in the below-prime market. He joined Prestige in 2002 as senior vice president of collections and eventually led a staff of nearly 200 customer service representatives, collectors and recovery agents. These responsibilities were further expanded to include oversight of Prestige’s loan production personnel.

Based in Salt Lake City, Prestige was founded in 1994 as an affiliate of the Larry H. Miller Group of Companies, which includes the NBA’s Utah Jazz and the country’s tenth-largest automobile dealership group. Today, Prestige manages a loan portfolio of $700 million and provides consumer finance solutions for nearly 2,000 auto dealerships in 45 states.

Prior to joining Prestige, Hyde was a division vice president of collections for CitiFinancial Mortgage. He also served as division training manager for Discover Card, vice president of collections at the regional center of Associates Capital Bank, and director of collections for Conseco Inc. (now CNO Financial Group).