Erica Parks, President and CEO

Owner and Chairman Tom Penaluna appoints a new CEO

CEDAR FALLS, Iowa, Nov. 03, 2022 (GLOBE NEWSWIRE) — CBE Companies (CBE) announced today that President Erica Parks has been appointed to President & Chief Executive Officer. CBE’s Owner & Chairman, Tom Penaluna, has passed the torch after holding the role for over 35 years, though he will remain closely involved as he continues to provide vision to the company, head the Board of Directors, and participate on the company’s Board of Advisors. Penaluna commented, “I am excited for and confident in Erica and her management team continuing and exceeding the success CBE has been blessed with over the years.”

Parks has held several leadership roles since joining CBE in 2013 including Vice President of Finance, Chief Financial Officer, and most recently President. Parks and the Executive Management Team are responsible for executing the overall business plan and driving results for all stakeholders. Her strong leadership will continue to guide CBE through strategic and value-based growth in every area of our business.

“Over the last several years, CBE has undergone a pivotal transformation and we have a very exciting future ahead,” stated Parks. “I am honored to lead this organization and fulfill the vision of Tom, our Owner and Chairman. CBE is firmly positioned for growth as we execute on our strategic plan over the next five years.”

Prior to joining CBE, Parks held roles at McGladrey (now RSM) as well as John Deere. She is a Certified Public Accountant, serves on the Cedar Valley United Way Board of Directors and Finance Committee, and the Executive Committee for Cedar Valley Women Connect, Women Lead Change. She and her husband also operate their own 501c3 non-profit, All About the Kids. Parks is a member of the American Institute of CPAs, Iowa Society of CPAs, and the Institute of Management Accountants. She holds a BA in Accounting with a minor in Finance from the University of Northern Iowa, and an MBA from the University of Iowa.

About CBE Companies

CBE Companies is a national service provider specializing in innovative accounts receivable management and call center solutions. Our clients recognize performance and experience matter. Established in 1933, CBE’s capacity to consistently adapt and evolve with ever-changing consumer behavior, business needs, and the regulatory environment sets us apart from other servicers.

CBE was founded on five core values that influence every interaction we have with our clients and their customers, and we design our thinking and innovative strategies to address client challenges directly. We put our clients’ business and their customers first. Our accomplished approach starts with asking the right questions, listening with care to alleviate challenges and elevate the client experience for a long-term solution.

We believe in people who drive innovation and prioritize client service. With more than eight decades of experience, CBE is invested in developing and nurturing its employees, solutions, and organization to thrive and succeed for the future. For more information about CBE Companies, please visit or email Follow CBE on Facebook (@CBEcompanies) and LinkedIn (@cbe-companies) to stay informed of company events, employment opportunities, philanthropic and community updates, and exciting announcements celebrating CBE’s extraordinary staff!

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