Founder and former CEO Brian Shanahan will become Non-Executive Chairman of the Board. A long-tenured executive in the payments industry, Brian Shanahan founded CardConnect in 2006 and will continue to guide the company's growth strategy as a member of its Board of Directors.

"It has been an honor and a pleasure to lead our management team and employees through this period of high growth," said Brian Shanahan. "Jeff's appointment is a natural leadership progression at CardConnect, and I am confident that he and the team are uniquely qualified to continue executing on CardConnect's growth objectives."

Since joining CardConnect in 2006, Jeffrey Shanahan has held a variety of leadership positions, including Chief Operating Officer, President and member of the Board of Directors. Under his leadership, CardConnect has grown to service more than 50,000 customers, leveraging its proprietary payment-processing platform that delivers innovative technology solutions and best-in-class client service. In addition, Mr. Shanahan has played a critical role in the execution of CardConnect's acquisition and organic growth strategies, which have solidified the company's position as a leader in the payments industry.

"Jeff is an accomplished executive in the payments industry who has consistently demonstrated his leadership capabilities during his eight years at CardConnect," said Chris Winship, partner at FTV Capital and CardConnect board member. "We have the highest degree of confidence that Jeff's promotion will further CardConnect's impressive growth and innovation in the payments industry."

"I am honored to have this unique opportunity to serve our company and gratified by the board's confidence in me," said Jeffrey Shanahan. "With new security standards set forth by the PCI Council and an upcoming shift in the U.S. to EMV cards, it is certainly an exciting time to be in the payments industry. I am excited to lead our efforts moving forward, bui, build on our past successes and deepen our commitment to developing innovative products and proprietary technology solutions for our customers."

Prior to joining CardConnect, Jeffrey Shanahan had a successful career in management consulting as an associate at Booz Allen Hamilton and Capgemini.

Mr. Shanahan is a graduate of The Pennsylvania State University, with a degree in Management Science and Information Systems. A native of Pittsburgh, Pa., he currently serves as a member of the University Pattee and Paterno Library Development Board at his alma mater.