CRB Group, Inc., the parent company of Cross River Bank, a technology infrastructure provider that offers embedded financial solutions, announced it has appointed three new members to its Board of Directors, effective July 1, 2024: Roland Fryer, Richard Laxer and Gabrielle Vitale.
Gilles Gade, Founder, CEO and Chairman of Cross River said:
“The appointment of Roland, Richard and Gabrielle to our Board signals our commitment to Cross River’s next stage of growth. We exist to help fintechs and non-bank enterprises revolutionize financial services, positively changing the lives of all, and particularly those traditionally denied access to even basic banking products. Our three new directors will help drive this mission with their leadership and exceptional, proven track record in financial services, risk management and technology, as well as their diversity of thinking, creativity and commitment to changing the world for the better.”
Cross River’s Board is composed of “a diverse mix of global industry leaders with deep background in the payments, financial services and technology industries who are uniquely equipped to help guide Cross River’s future.”
The three additions each bring a wealth of differentiated, stellar experience to the Company:
Roland Fryer is a Professor of Economics “at Harvard University and a co-founder of Equal Opportunity Ventures, an early stage seed fund, and several start-ups. He sits on several boards with an emphasis on business analytics, talent management and product strategy. His research combines economic theory, big data, AI and randomized social experiments to help design policies that can increase social mobility in America.”
Richard A. Laxer is a veteran of GE Capital, “serving the company for 34 years before retiring in 2018 as CEO and Chairman. Richard held a number of senior executive roles at GE Capital across the US, Asia and Europe, and led large, multi-billion dollar global businesses in developing and executing financing strategies critical to the success world-leading businesses. Richard has extensive experience in M&A, having taken companies public and served on public company boards.”
Gabrielle Vitale is a recently retired “executive of American Express with extensive experience in operations, corporate governance, compliance and risk management attained throughout her successful career of 37 years. She is a strategic leader with deep expertise in cyber, technology, finance, operational and regulatory risk management. In her most recent position at American Express, Gabrielle was EVP and Global Chief Compliance and Ethics officer. In this role she was also an Officer of American Express National Bank and served both Audit and Risk Committees of the Bank and the Holding Company.”
Phillip Riese, Lead Independent Director of Cross River’s Board said:
“Our partners choose Cross River to be able to provide their customers great technology-driven banking products and services, underpinned by outstanding risk management, regulatory compliance, innovation and nimbleness. Roland, Rich and Gabby have everything we need to take our success to date and, working through our great executive team, drive us further and faster. We welcome them wholeheartedly.”
Cross River’s products and clients “are powering millions of businesses and consumers across the globe, daily.”
The Board announcement comes “on the heels of the Company’s anniversary, of which it marked 16 years of trailblazing growth in the financial services industry. To date, Cross River has provided access to credit to nearly one hundred million consumers and is nearing its one billionth payments transaction.”
The company claims that it is poised to “continue leading the way in the development of innovative solutions with investments in infrastructure capabilities, cross border solutions and prepaid offerings.”