Western Union CEO Ersek Retiring; Devin B. McGranahan Taking Reins

Western Union CEO Hikmet Ersek is retiring at the end of 2021 after 21 years and handing the reins to Devin B. McGranahan following a comprehensive talent search, according to a press release emailed to PYMNTS on Monday (Nov. 15). McGranahan was also appointed to the Western Union Board of Directors.

Ersek was CEO of Western Union for 11 years and before that held other high-level roles with the global money transfer giant. He is also stepping down as director of Western Union and will transition to the role of special advisor to the Board of Directors until the middle of next year.

See also: Western Union CEO: Bringing Global Citizens Into The Connected Economy

Devin B. McGranahan comes to Western Union after serving as the executive vice president and senior group president of global business solutions at Fiserv. He also spent more than 20 years with McKinsey & Company, half of which were as a senior partner and director.

During his career, McGranahan had a solid track record helping financial services firms leverage a wide range of strategic and business-building opportunities during a time when the payments landscape was undergoing dramatic changes. As CEO of Western Union, he plans to focus on boosting the company’s growth strategy, expanding its payments offerings, and building on the company’s financial strength and foundation of assets.

Read more: WU: On Track to Launch Digital Bank Pilot by Year’s End

Western Union Board Chair Jeffrey A. Joerres said there was a “comprehensive succession planning process” to determine McGranahan was the best choice to succeed Ersek. Aside from being a “proven leader,” McGranahan is also known for developing talent and driving transformation in the FinTech space.

“He is well-positioned to lead Western Union in this new era, with a focus on accelerating the company’s growth and gaining wider adoption of our ecosystem offerings and payment capabilities with consumers and businesses,” Joerres said.

You may also enjoy: Western Union Eyes $1 Billion in Digital Transaction Revenues in 2021

“We are building economic and social bridges — among people, businesses and nations — extending opportunities and impacting millions of lives. I am humbled being a part of Western Union’s story — and I look forward to seeing what the team will accomplish in the future under Devin’s leadership,” Ersek said.