MoneyGram (MGI), a leading global money transfer and payment services company, announced today that its Board of Directors has chosen W. Alexander Holmes to serve as MoneyGram's next chief executive officer, beginning on January 1, 2016.
He will succeed MoneyGram chairman and CEO Pamela H. Patsley, who on the same date will assume the role of executive chairman for a minimum of two years. Holmes, currently the Company's executive vice president, chief financial officer and chief operating officer, will join the MoneyGram Board by the start of his tenure as CEO.
"We are pleased to be moving forward with a succession plan that provides for an orderly leadership transition and builds on the strong, collaborative partnership that Pam Patsley and Alex Holmes have developed during the last six years," said J. Coley Clark, chair of the human resources and nominating committee of the MoneyGram Board. "Alex has made many valuable contributions to our business and his proven leadership skills across a range of senior executive roles, as well as his extensive knowledge of the Company's financial and business operations, make him highly qualified to serve as our next CEO. We are grateful to Pam for her service and accomplishments as CEO and are really pleased that she will be assuming the responsibilities of executive chairman through the end of 2017, ensuring a seamless leadership transition."
"Alex has been a tremendous asset to MoneyGram since he first joined us in 2009, and I am excited that he will be the next leader to drive the Company's growth and profitability while increasing our market share around the world," said Patsley. "Alex's exceptional record of success across multiple areas of our company, along with the central role he played in our recent transformation efforts, gives me great confidence in his ability to lead MoneyGram. That he succeeds to CEO from within the Company speaks to the incredibly talented team we have developed at MoneyGram. I am looking forward to continuing to work closely with Alex and our colleagues in the years ahead."
In her role as executive chairman, Patsley will work closely with Holmes to oversee MoneyGram's strategic planning efforts and help represent the Company in its interactions with customers, the financial community, regulators and government officials. She will also continue to lead the Board's governance functions, take an active role in the MoneyGram Foundation, and speak out on issues affecting the money transfer industry.
"During Pam's tenure as CEO, MoneyGram has worked diligently to address a range of opportunities and challenges facing the evolving money transfer industry," said Seth W. Lawry, managing director at Thomas H. Lee Partners and a member of MoneyGram's Board since 2008. "Among other things, Pam has played an instrumental role in growing MoneyGram's agent network and customer base, allowing for the secure and efficient transfer of billions of dollars around the world. In addition, she has helped steer the Company through the crisis in the financial sector, overseen the resolution of significant legacy issues, and implemented the Company's innovative self-service approach to technology-enabled money transfer services. Pam has also assembled a world-class management team and served as a terrific mentor to Alex, positioning him to become her natural successor."
Contributed | what does this mean?