Gary Shivers, founder and CEO of Navitas Credit will retire as CEO on Feb. 28.
Shivers founded Navitas in 2008 and grew the company to more than $1.3 billion in assets, with new originations reaching $1 billion dollars per year. During his tenure, the company expanded into multiple equipment verticals, including office equipment, commercial furniture, HVAC, franchise financing and titled vehicles. In February 2018, Navitas was acquired by United Community Banks.
Shivers’ more than 30-year career established him as an industry leader with a track record of achievement and innovation that has had a significant impact on the growth of the equipment financing marketplace. Shivers’ milestones include the launching of Advanta Leasing in 1988, where he helped grow the company to more than $300 million in annual volume in 10 years. In 1997, he was ready for a new challenge and became the president and co-founder of Marlin Business Services. While at Marlin, he built a sales and marketing platform and helped guide the organization through an IPO in 2003.
Shivers’ ability to attract industry talent and desire to move from micro-ticket into the small-ticket segment motivated him to start Navitas. The company was 100% funded with Shivers’ capital during the initial startup years and grew organically until he was able to expand the platform by making strategic acquisitions of companies and management teams with industry expertise in various niche markets.
“It has been an incredible journey, and I feel fortunate to have been part of this exciting and ever-changing industry,” Shivers said. “I am very proud to have worked with so many talented and dedicated people who greatly contributed to my success in this industry. This is the right time for me to retire with the highly experienced leadership team currently at Navitas and the strong support from our parent, United Community Bank. I feel confident that Navitas is positioned to continue to exceed its growth expectations and deliver the type of returns that make the company a valuable contributor to United’s continued success.”
“On behalf of United’s entire board of directors, I would like to recognize Gary’s strong leadership and vision which has made Navitas the unprecedented success it is today,” Lynn Harton, chairman and CEO of United Community Bank, said. “He is an industry pioneer and a recognized leader among his peers. He has consistently delivered the type of performance that is hard to match in the equipment financing marketplace. Gary has developed the right team and strategic direction for Navitas to continue to be a strong performer for years to come.”
Shivers will remain a consultant to the board of United Community Bank and plans to stay active in the equipment financing industry. His successor will be announced in the coming weeks.
