Purchasing Power, the leading employee purchase program offering consumer products and services as a voluntary benefit at the workplace, announced the recent election of six board members. Named to the board of directors are representatives from Purchasing Power and Flexpoint Ford, LLC, the Chicago-based private equity firm that invested in Purchasing Power last December, as well as three independent board members.

Board members now include Chris Ackerman, managing director, Flexpoint Ford; Dominic Hood, principal, Flexpoint Ford; Steve Freiberg, currently Founder of High Vista Partners and formerly CEO of Etrade and Citi's Global Consumer Group; Anthony Nugent, president and CEO, Calleta Partners, LLC; Dave Richards, former senior managing director, Global Retail lead, Accenture; and Richard Carrano, CEO, Purchasing Power.

Purchasing Power is the leading specialty e-retailer serving U.S. employers and membership associations with a financially-responsible buying method for consumer products and services available as a voluntary employee benefit. Automatic payroll deductions and 12-month payment terms empower customers to budget their purchases without any concerns about interest charges, fees and penalties associated with other payment alternatives, providing users a more responsible way to buy.

"We are fortunate to have board members with such extensive operational and financial expertise," noted Carrano. "They will be valuable contributors to our board and our company, particularly as we focus on investing in new resources and strategies this year that will significantly expand our sales and distribution channels."

As Managing Director of Flexpoint Ford, Ackerman focuses on identifying, evaluating, and executing investment opportunities in the financial services sector. Prior to joining Flexpoint in 2006, he spent 10 years in the Investment Banking Division of Morgan Stanley where he was involved in acquisitions, divestitures and other corporate advisory transactions.

Hood is a Principal of Flexpoint Ford, specializing in investments in the financial services industry. Prior to joining Flexpoint Ford in 2010, he worked in the Financial Institutions Group at Wachovia Securities, where he focused on mergers and acquisitions and capital raising advisory assignments.

Freiberg is a senior advisor to BCB, Verisk & [24]7 and serves on several boards including MasterCard, SoFi, Regional Management and Oanda. Previously he was Co-Chairman and CEO of Citigroup's Global Consumer Group and most recently served as CEO of Etrade Financial Corporation.

As President & CEO of Calleta Partners, LLC, Inc., Nugent works with private equity, insurance carriers, brokers and product manufacturers in the employer-sponsored plan space. Previously, he served 25 years at MetLife, most recently as Executive Vice President where he was responsible for distribution, account management, broker relationships and global employee benefits.

Richards enjoyed a 28-year career at Accenture where his most recent role was Senior Managing Director responsible for all aspects of the business serving Retail Industry clients globally, including sales, revenue, profitability and client delivery. He also served as a member of the Accenture Global Leadership Council and the Products Executive Committee.

Carrano joined Purchasing Power shortly after its inception in 2001 as CFO, was promoted to President in 2007 and in 2011 CEO was added to his title. Earlier this year he was named to function solely as CEO. Carrano's career originally focused on accounting and finance within entrepreneurial technology and Fortune 500 firms, including co-founding and serving as CFO for eTour, Inc. Prior to this, he was a management research fellow assigned to new business development at SmithKline Beecham (now GlaxoSmithKline).