Heritage Global Inc. (NASDAQ: HGBL) announced the appointment of Tom Ludwig as president of National Loan Exchange Inc., a subsidiary of the asset services company. The appointment was approved at the company's March board meeting in San Diego.

Ludwig previously served as compliance and privacy officer, executive vice president, and counsel of NLEX. In his new role, he will oversee strategic direction, operations, and growth initiatives for the loan sale advisory business focused on charged-off and nonperforming asset portfolios.

Ludwig brings nearly two decades of experience with NLEX, where he has held leadership roles in legal, compliance, operations, and corporate strategy. He has been involved in thousands of portfolio sales representing billions of dollars in face value, according to the company statement.

"Tom has been instrumental in the growth and operational integrity of NLEX," said Dave Ludwig, president of financial assets at Heritage Global. "His deep understanding of the regulatory landscape, combined with his experience across legal, compliance, and operations, position him well to lead NLEX in its next phase of development."

NLEX operates as a loan sale advisor in the United States and Canada. Over the past 25 years, the subsidiary has closed more than 6,000 sales representing over $250 billion in transactions, Heritage Global stated.

Ludwig holds a Bachelor of Science degree from the University of Illinois Urbana-Champaign and a Juris Doctor from Southern Illinois University Carbondale School of Law. He is licensed to practice law in Illinois and Missouri and is certified as a Credit & Collection Compliance Officer by ACA International.