JetPay Corporation ("JetPay" or the "Company") (JTPY), a leading provider of debit and credit card processing for merchants, payroll and human capital management, and prepaid card services, announced today that Diane (Vogt) Faro, a current member of the Company's Board of Directors ("Board"), has been elected by the Board as Chief Executive Officer, effective May 5, 2016.
Bipin C. Shah, the Chairman and Chief Executive Officer, has stepped down as Chief Executive Officer effective May 5, 2016, but will continue in his role as the Company's Chairman and a member of the Board.
Ms. Faro has been a member of the Board since 2014. She most recently served as President of National Benefit Programs, LLC, a provider of brand loyalty and discount programs to small to mid-size businesses. Ms. Faro is a seasoned executive in the payments industry and has held numerous leadership positions that include President of Global Merchant Services at First Data Corporation, a payment processing company, where she was responsible for over $1 billion in annual revenue. Ms. Faro also served as President of First Data Alliance Group and was Chief Executive Officer of Chase Merchant Services LLC, which processed over $170 billion in payment volume annually during her tenure. Ms. Faro is a former President of the Electronic Transactions Association, served on the Boards of Merchant Link and Front Stream payments, and is one of the founding members of the Women's Networking in Electronic Transactions ("W.net").
"I am excited to join the management team of JetPay and see to it that we continue our growth trajectory into the future and our mission of providing innovative products and services with a focus on customer service," Ms. Faro said. "We are grateful to Bipin for pursuing his vision and building the Company into what it is today. We are honored to have him remain as our Chairman and I look forward to working with him, the Board, and all of our dedicated employees to help JetPay reach its potential."