MoneyGram, a global money transfer and payment services company, announced late last week (July 31) that it has appointed its new CEO to take over starting Jan. 1, 2016.
The company’s current CFO, COO and executive VP, W. Alexander Holmes, will step up from his role take over as the company’s new CEO. He will be taking over for chairman and CEO Pamela H. Patsley, who will remain in her chairman role for at least two years.
“We are pleased to be moving forward with a succession plan that provides for an orderly leadership transition and builds on the strong, collaborative partnership that Pam Patsley and Alex Holmes have developed during the last six years,” said J. Coley Clark, chair of the human resources and nominating committee of the MoneyGram Board. “Alex has made many valuable contributions to our business and his proven leadership skills across a range of senior executive roles, as well as his extensive knowledge of the Company’s financial and business operations, make him highly qualified to serve as our next CEO. We are grateful to Pam for her service and accomplishments as CEO and are really pleased that she will be assuming the responsibilities of executive chairman through the end of 2017, ensuring a seamless leadership transition.”
Patsley’s role will transform a role that allows her to work with Holmes to oversee the company’s strategic planning efforts and help the company continue its day-to-day business with its customers, the financial community, regulators and government officials. She will also lead the board’s governance functions, play a role in the MoneyGram foundation and continue to represent to company in the industry.
“During Pam’s tenure as CEO, MoneyGram has worked diligently to address a range of opportunities and challenges facing the evolving money transfer industry,” said Seth W. Lawry, managing director at Thomas H. Lee Partners and a member of MoneyGram’s Board since 2008. “Among other things, Pam has played an instrumental role in growing MoneyGram’s agent network and customer base, allowing for the secure and efficient transfer of billions of dollars around the world. In addition, she has helped steer the company through the crisis in the financial sector, overseen the resolution of significant legacy issues, and implemented the company’s innovative self-service approach to technology-enabled money transfer services. Pam has also assembled a world-class management team and served as a terrific mentor to Alex, positioning him to become her natural successor.”
Patsley joined MoneyGram in January 2009 as executive chairman of the company and CEO. She came to the company after six years at KPMG where she served as CFO for First USA, and later become president and CEO of Paymentech when it was acquired by First Data. She helped lead First Data’s global expansion.
Holmes has served as executive VP, CFO and COO of MoneyGram since February 2014 and executive vice president and CFO since March 2012. He joined MoneyGram in 2009 as senior vice president for corporate strategy and investor relations. Holmes previously spent nine years at First Data Corporation and Western Union and has experience in global financial services with working knowledge of money transfer and payments industries.
At First Data, Holmes held a variety of positions, including chief of staff to the CEO, head of investor relations and senior vice president of global sourcing and strategic initiatives.
“Alex has been a tremendous asset to MoneyGram since he first joined us in 2009, and I am excited that he will be the next leader to drive the company’s growth and profitability while increasing our market share around the world,” Patsley said. “Alex’s exceptional record of success across multiple areas of our company, along with the central role he played in our recent transformation efforts, gives me great confidence in his ability to lead MoneyGram. That he succeeds to CEO from within the company speaks to the incredibly talented team we have developed at MoneyGram. I am looking forward to continuing to work closely with Alex and our colleagues in the years ahead.”
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