Preston named SBA administrator

Steven Preston, a financial management expert, hass ben sworn in as the new administrator of the Small Business Administration.

He replaces Hector Barreto, who resigned in April after five years at the helm of the organization.

Preston was confirmed by unanimous consent of the Senate June 29. During his confirmation hearing, Preston emphasized the importance of financial management, operational responsiveness and customer service at SBA.

Preston is the former executive vice president of The ServiceMaster Company, Downers Grove, Ill. The company owns home and land care companies, including TruGreen ChemLawn and Terminix. Preston had also served as the company's chief financial officer, according to SBA.

Preston previously worked as senior vice president and treasurer of First Data Corp., Greenwood Village, Colo. He is the 22nd administrator since SBA's establishment in 1953.