Affinion tabs new executives

Nathaniel Lipman, who steered Affinion Group Inc. through significant growth, a Senate inquiry and the acquisition of a Norwalk rival, is stepping down this fall as CEO of the Stamford-based affinity marketing giant.

CFO Todd Siegel will become CEO, with the company naming Rick Fernandes and Steve Upshaw, the latter currently chief operating officer, as co-presidents. Fernandes previously was CEO of Webloyalty Inc., a Norwalk rival acquired last year by Affinion. Lipman will become executive chairman.

“Today”™s announcement is the culmination of a long-term process, initiated by me, to ensure that we could affect a seamless transition,” Lipman said, in a written statement.  “After 13 years with this business ”“ 10 as its most senior leader ”“ I have been looking forward to devoting more of my focus and energy toward the success of our growth initiatives.”

Affinion is controlled by Apollo Global Management. In 2010, the company came under fire from Sen. Jay Rockefeller following complaints that Affinion, Webloyalty and Norwalk-based Vertrue Inc. duped consumers into joining varying affinity marketing clubs that carried ongoing credit card charges.

Speaking this past spring to a gathering of the Association for Corporate Growth”™s Connecticut chapter, Fernandes said the Rockefeller probe resulted in an exodus of Webloyalty”™s corporate customers that pushed the company to the brink. In May, Vertrue filed to restructure under Chapter 11 bankruptcy protection.

[Editor’s note: This article has been corrected to note that Sen. Jay Rockefeller began his investigation in 2010, and not in 2008 as initially stated.]