Tsys (NYSE: TSS) today announced that Philip W. Tomlinson has decided to retire as chief executive officer, and that M. Troy Woods has been elected by the Tsys board of directors as president and chief executive officer, effective July 31, 2014.
Tomlinson will continue to serve as executive chairman of the board of TSYS until the 2015 Annual Shareholders' Meeting.
In making the announcement, Tomlinson stated, "This year I celebrate my 40th anniversary with this great company and serving our customers and team members has been both my greatest honor and the opportunity of a lifetime." Tomlinson joined Columbus Bank and Trust Company in 1974, and was part of the early credit card team becoming executive vice president of TSYS in 1983 when it was spun off as a public company and then elected its president in 1992. Over his tenure, TSYS won numerous awards for its ethical standards and service to the communities where it operates. Chief among the company's attributes which Tomlinson instilled in its culture are integrity and treating people right.
Tomlinson added, "Troy and I have worked together for 27 years. This transition is the result of a carefully developed long-term succession plan and the passing of the torch will be seamless. Troy has the acumen, vision and energy needed to take TSYS further along its journey to be the leading global payments solutions provider."
Woods started his career at Columbus Bank and Trust Company in 1970, working part time in the bankcard department and eventually becoming a vice president. He left the company in 1977 to become senior vice president of consumer lending for AmSouth Bank in Birmingham, Ala. Woods rejoined TSYS in 1987 and directed the company's international expansion, strategic planning, major client negotiations and the company's launch of TS2. Most recently, he guided the company's diversification strategy into faster growing areas of payments as TSYS moved beyond its roots as a third-party processor for bank issuers and merchant acquirers. This included the company's entry into the direct merchant acquiring business serving hundreds of thousands of businesses, while also becoming a leading prepaid services provider, supporting millions of underserved consumers who do not have access to traditional financial services.