This article was originally printed in the latest issue of Numismatic News.
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Veteran numismatic executive Michael Haynes was appointed CEO of American Precious Metals Exchange July 1. The announcement was made by Scott Thomas, firm founder and board chairman.
Leading continued growth and change is Haynes’ mission.
Haynes has spent over 30 years in the business, serving as CEO of Collectors Universe, parent firm of the Professional Coin Grading Service; president of A-Mark Precious Metals, and president of Heritage Galleries.
“I want to benefit from his experience,” said Thomas of the appointment.
“He can help take our company from where we are today and launch it into the future,” he said.
Where it is today is not a bad place.
Haynes said APMEX sells 3,500 precious metal and semi-numismatic products exclusively over the Internet realizing $600 million to $1 billion in sales each year.
“We want to do things to add to what they’ve accomplished,” Haynes explained.
The future goal is expanding services.
“There is a demand for services that currently aren’t being met,” Haynes continued.
Thomas said he wants to offer customers more options.
Though Thomas called what he wants to do “an incremental process,” he said Haynes offers “executive leadership that he has where he can help us implement a lot of our initiatives faster.”
Some specifics mentioned were putting the ownership of gold into the hands of people who want it and to expand the ability of the firm to ship into Canada and around the world.
Currently the firm employs 85 people and is located in a former Federal Reserve bank building in Oklahoma City, Okla.
Leading a growing concern is nothing new for Haynes.
His resume says he directed Collectors Universe’s acquisition of the Long Beach Coin, Stamp and Collectibles Expo, Certified Coin Exchange and CoinFacts.
At A-Mark he acquired Goldline, another retailer of precious metals, and he was at the forefront in the formation of Heritage Auctions.
As he faces the challenges of his new position, Haynes declared, “APMEX is on the move.”
The APMEX website can be reached at www.APMEX.com.