Atlanta, Georgia-based incentive management company, Incentive Solutions, has named Mark Herbert (pictured) as its new chief executive officer, effective immediately.
Herbert succeeds Steve Damerow, who has led the company as CEO since the company’s founding in 1994. Herbert also holds the post of company president and was previously COO.
Before his career at Incentive Solutions, Herbert was vice-president of incentives and technology at WorldTravel Incentives and Meetings, where he managed $60m of incentive travel and meeting programmes annually. He also oversaw the development of a software solution for the company’s meeting and travel processes.
Herbert has 25 years of experience in the incentive industry overseeing business operations, 16 of which he spent at Incentive Solutions.
“I joined Incentive Solutions because I wanted to be a part of a company where I believed the possibilities were endless. I’m even more convinced that Incentive Solutions is that company today,” said Herbert. “With The CapStreet Group’s investment and our leadership, we look forward to having some of the best products and services available for our partners in business. We want to drive the behaviours that they, our customers, need to fuel their businesses, so there’s a lot on the horizon for Incentive Solutions.”
Incentive Solutions also announced that Damerow will remain on the board and devote his attention to supporting Herbert and focus on advancing Incentive Solutions’ role in incentive technology. As CEO, Damerow was instrumental in the 2009 acquisition of Loyaltyworks, another incentive management company headquartered in Atlanta.
“Our technological platform is what has differentiated us in the incentive industry,” said Damerow. “And Mark Herbert is responsible for that. The incentive industry is at a crossroads where it must develop what technology clients want or risk losing market share.” He added that gaining investment from CapStreet had freed up Incentive Solutions to further distance itself from competitors.
Earlier this year, Incentive Solutions and The CapStreet Group out of Houston, Texas finalised a majority recapitalisation deal making Incentive Solutions the seventh investment for CapStreet IV, LP, which has $340m of committed capital.
The company says it now has over 200 clients and has facilitated US$200m worth of incentive rewards since 2010.
