VeriFone names Citi's Paul Galant CEO

VeriFone names Citi's Paul Galant CEO

Point-of-sale terminal manufacturer VeriFone has appointed Citi payments executive Paul Galant chief executive officer.

Galant will begin his new job on 1 October, replacing VeriFone chairman Richard McGinn, who has been acting CEO since Douglas Bergeron quit in March.

The new man has been CEO of Citi's enterprise payments business since 2010, developing digital and mobile services for the bank's institutional and government clients. Previously, he was CEO of Citi Cards and Citi Transaction services.

He takes on a company that has been struggling to adapt to a fast changing payments market which has seen new entrants such as Square threaten the traditional POS terminal market.

Earlier this month VeriFone reported a third quarter loss of $1.9 million as revenues fell 15% and the company has seen its stock price fall by more than 22% so far this year.

Leslie Denend, interim non-exec chairman, VeriFone, says of Galant: "His experience in guiding businesses through industry change and his track record in multi-channel payment innovation will position the company strategically for continued growth and long-term value creation."

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