“I look forward to bringing my extensive experience gained through my association over the years with industry icons Avrum Katz, Gordon Gund and Dan Gilbert to the Arthur Middleton team,” Stornes said. “I am impressed by the rapid growth and commitment to service and quality displayed by the AMCH family of companies. I expect that my diverse background in finance, operations, direct marketing, accounting and sports marketing will be a great fit and I am excited to be a part of the culture of excellence here.”

Stornes left the Cavalier organization as CEO in June and will officially begin work at the company on Aug. 26.

“Mark Stornes is a superior talent in business and financial operations and we believe he will take us to the next level of growth,” Company Chief of Staff Jim Speakman said. “He has a proven track record of producing big results and we’re looking forward to him making a major impact at Arthur Middleton Capital Holdings.”

Starting with two employees in 2001, Arthur Middleton Capital Holdings Inc. now employs over 900.

Stornes, the first outside recruit to be named to the Executive Vice President level, will have an integral role in the company, taking immediate responsibility for its overall financial plans, policies and practices. In addition, his duties will include maximizing current revenues and pursuing additional products and services that the company can offer its growing customer base. He will also take responsibility for the creation as well as acquisition of new businesses as the company moves forward with global expansion in several foreign countries.

Stornes started working with the Cavaliers in 1996. He served a variety of roles with the organization under former owner Gordon Gund, including senior vice president for finance and administration; chief financial officer; executive vice president and chief operating officer. In his latest role as CEO, where he has served since 2003 after being promoted by Gund, Stornes overlooked all aspects of business and operations for the Quicken Loans Arena and the NBA team. He also played a key role in the transition from Gund to current owner Dan Gilbert when the Cavaliers were sold for $375 million in 2005.

From 1987-1996, Stornes served as Executive Vice President and Chief Operating Officer for TransAmerica Mailings Inc., a leading direct-to-consumer company with catalog holdings of Healthy Living, Anthony Richards Fashions, Winsor Collection and Beauty Boutique. His duties included managing all business and operations aspects of the company.

Prior to TransAmerica, Stornes worked as senior auditor from 1983-1987 for Grant Thornton, a world-wide leading international public accounting firm.

He is a 1983 graduate of Cleveland State University and is married with four children.

Stornes is active in the community. He is a 2002 graduate and Class President of the Leadership Cleveland class; serves as trustee of the Berea Community Education Foundation and is a member of the Board of Directors and Executive Committee of the Cleveland Leadership Center; member of the Board of Trustees, Executive Commitee and Treasurer of the Downtown Cleveland Alliance along with the Bridge Builders, American Institute of CPA’s, Ohio Society of CPA’s, Bluecoats Inc. and The 50 Club. Additionally, Stornes also works as a volunteer coach for youth sports for over 50 teams in the past 15 years and has served as a Cleveland Tomorrow board member, member of the Leader to Leader Program of Leadership Cleveland, the Case Western Reserve University Mentoring Program, former Executive Director of Cavaliers Charities and as the past Chairman of the Downtown Cleveland Partnership.

Edited by - Chris Pugh on 08/12/2008 4:05:04 PM