Euronet Worldwide (NASDAQ:EEFT), a leading electronic payments provider, today announced that Daniel R. Henry has decided to step back from his day-to-day role in the Company as president and chief operating officer at the end of the year.
Mr Henry co-founded Euronet 12 years ago with Mike Brown, who serves as the Company's chairman and chief executive officer. He has played a key role in shaping Euronet's strategy and success over the years and has served as the Company's COO since 1996 and as president since 2001.
Mr Henry's decision to retire was based purely on personal considerations, and he plans to spend more time with his family and pursue other entrepreneurial interests. Mr Henry will continue as a director of the Company for at least the remainder of his three-year term ending in 2009 and the Euronet board of directors looks forward to his continued contributions as a member for the elected term. Euronet does not plan to replace Mr Henry immediately and will divide his day-to-day responsibilities among CEO Mike Brown and other key executives. Mr Henry will assist Euronet's management team to implement his transition during the first quarter of 2007. He will continue to work closely with the Company and support it in an advisory role as needed on special projects.
"Euronet has been a challenging and rewarding experience for me as an entrepreneur. It has been an honor to serve the Company for the last 12 years and I am proud to see our vision of bringing electronic payment convenience to people in emerging markets turn into a reality," said Daniel R. Henry. "However, the time has come for me to focus on my family and pursue other interests. I am confident that Mike Brown along with the experienced management team will continue to lead Euronet to greater success. I look forward to providing strategic direction to the Company as a board member."
Euronet also announced three key management appointments Larry Fogelson, Steve Adams and Karyn Clewes Zaborny. Larry Fogelson was named as managing director of Euronet's Veloz money transfer business. In November 2006, Euronet announced the signing of a stock purchase agreement to acquire RIA Envia, the third-largest global money transfer company by market share. Mr Fogelson will assume a key role in the integration of this business into Euronet's existing operations while focusing on expanding RIA's remittance services across many high-growth markets around the world. A money transfer industry veteran, Mr Fogelson spent 20 years with First Data Corporation serving in senior management positions at the company's two largest business units, Western Union Financial Services and First Data Merchant Services. In a career spanning 16 years at Western Union Financial Services, Mr Fogelson's responsibilities included serving as General Counsel and subsequently as chief operating officer of Western Union International where he was instrumental in building the company's global money transfer network to over 55,000 locations in 168 countries.
Steve Adams joins as director of operations of Euronet's Europe, Middle East and Africa (EMEA) EFT business segment. Mr Adams will oversee IT and operations management activities for Euronet's ATM and point-of-sale (POS) networks in EMEA. He will support the segment's continued growth while maintaining the highest delivery service standards to clients across the region. An expert in the cards industry, Mr Adams is also responsible for developing and implementing card processing capabilities for credit card issuers to complement Euronet's current EFT offerings. Most recently, he served as chief operating officer of Barclaycard's International division, where he directed credit card operations in multiple markets in Europe, Africa, India and the US Previously, Mr Adams worked at National Westminster Bank as IT director for the company's card business and as e-commerce director responsible for launching various Internet-based initiatives for the Bank.
Additionally, to develop the wealth of talent within the Company, Euronet has appointed Karyn Clewes Zaborny as senior vice president of human resources. Ms Clewes Zaborny will lead the Company's global human resources functions, which includes all areas related to the attraction and retention of employees, leadership development and the implementation of HR policies and best practices. Ms. Clewes Zaborny joined Euronet from Swiss Re, which acquired GE Insurance Solutions in June 2006. At Swiss Re, she held the position of human resources leader for the Kansas City hub. She had earlier served in global human resources leadership positions within GE Insurance Solutions and GE Consumer and Industrial. Prior to GE, Ms. Clewes Zaborny held various human resources positions for the corporate and Canadian manufacturing/distribution team of Levi Strauss & Co.
"I would like to personally thank Dan for all his guidance and hard work over the last 12 years as he lead and grew a Company that has shaped the payments industry. As a co-founder of Euronet, Dan launched the first of our many offices in Budapest, when he moved his family to Hungary in 1994. At the time, most thought we were crazy. However, Dan's perseverance and vision coupled with Midwestern values unseen in a new capitalist economy determined our success, and launched the first Central-European headquartered NASDAQ IPO. Dan hired many of our current executives and built a highly profitable Company," said Michael J. Brown, chairman, chief executive officer and co-founder of Euronet Worldwide. "I will miss Dan's energetic leadership, but look forward to his continued counsel on our board and as a strategic associate. Today, Euronet stands at the height of significant achievements and as we continue to grow rapidly, our expanding and talented management team will focus on our core competencies to spearhead our future expansion."