USA Technologies (NASDAQ:USAT), a leading provider of technology-enabled solutions that facilitate payment transactions within the unattended Point of Sale ("POS") market, has appointed Steven D. Barnhart and Jack E. Price to its Board of Directors, increasing the size of the Board to eight members.
Stephen W. McHugh, a former Director, has resigned from the Board.
Steven D. Barnhart has successfully led technology and consumer product companies through rapid growth and change. He is experienced in creating and executing strategies for both public and private equity backed companies. He has developed and executed growth strategies in online commerce, technology, consumer packaged goods and retail distribution. Most recently, Mr. Barnhart was CEO and President of Orbitz Worldwide, from 2007-2009, after holding other executive positions since 2003, when he joined the company. Prior to Orbitz Worldwide he worked for PepsiCo and the Pepsi Bottling Group from 1990-2003, where he was Finance Director for the Southeast Business Unit of the Pepsi Bottling Group, and also held other regional and strategic positions for PepsiCo and Frito-Lay. Mr. Barnhart has also been appointed to serve as a member of the Audit Committee of the Board of Directors of USA Technologies.
Jack E. Price has had a successful record of building and growing businesses in Fortune 100 domestic and international markets. He has been recognized for his leadership in operations, sales, marketing, acquisitions, acquisition integration and organizational and process re-engineering. Most recently he was President and CEO of NovaRay Medical Inc., from 2007-2009. Prior to that, he was President and CEO of VSM MedTech Ltd. from 2003-2006, and was President and Division Chief Executive Officer of Philips Medical Systems from 1996-2003, having joined Philips Medical Systems in 1993 as Vice President and General Manager. He was also with General Electric Medical Systems from 1988-1993, where he held Vice President and General Manager positions. Mr. Price has also been appointed to serve as a member of the Compensation Committee of the Board of Directors of USA Technologies.
George Jensen, Chairman and CEO of USA Technologies said, "On behalf of the Board of Directors, we welcome Steve and Jack to the Board. Each of these two executives brings a wealth of experience to our company, and we look forward to their guidance as we continue to expand our markets and manage our growth. With their combined expertise in technology, consumer products, marketing and growth companies, their guidance will be essential as we execute our strategic growth plan."
Mr. Barnhart said, "USA Technologies is at a pivotal time in its growth and I look forward to working with management and the Board of Directors to help expand its business and navigate its growth. I believe the Company has many exciting growth opportunities, and I hope to help them exploit those opportunities."
Mr. Price said, "Joining the Board of Directors of USA Technologies at this point is very exciting to me. With society moving so quickly towards wireless non-cash transactions, USA Technologies is well-positioned to take advantage of these trends. I look forward to helping them achieve their goals in this fast-growing market."
USA Technologies also announced it will be holding its Annual Meeting of Shareholders on December 15, 2009 at 10:00 a.m. at Chester Valley Golf Club, 430 Swedesford Road, in Malvern, PA.