Prepaid Technologies, a leading provider of payment and rewards solutions announced multiple leadership changes today. Long-time prepaid industry executive Steve Fussell was hired as president and former president Stephen Faust has been promoted to CEO.
Company founder and CEO Thomas Mcculley will now serve as executive chairman.
“Steve Fussell is an industry leader whose extensive operations and technology experience is essential at a time when we’re investing in and experiencing immense growth,” said Thomas Mcculley. “As Steve concentrates on enhancing our technology offerings to support our entire product suite, Stephen Faust will accelerate his focus on growth, business development and key account management.”
“We’ve driven steady 20-30 percent year-over-year growth for the past five years, pacing well above industry growth estimates of 3-12 percent,” added Faust. “Steve’s expertise will bolster our ability to sustain this growth through the delivery of innovative business payments and reward products."
Fussell is known for creating best-in-class operations and process solutions. His experience includes management of transaction processing, operations, credit, and prepaid in both startups and large public companies. He has held executive positions at UniRush, FSV Payment Systems, Netspend and Macy’s, among others. Most recently, Fussell consulted investment groups in the evaluation of financial service and technology companies.
“Prepaid is driving more innovation than any other payment platform today and will continue to be the rails for growth in virtual, contactless and peer-to-peer payments among others,” said Fussell. “As a provider of some of the most diverse payment and reward solutions across payroll, expense management and incentives, Prepaid Technologies is uniquely positioned to capitalize on market opportunities and I’m excited to lead the team as we support this growth.”
Since third quarter of 2017, the Prepaid Technologies team has also made several key hires in Birmingham as well as the addition of national payments leaders including Brian Thornsberry, who joined in November 2017 as senior vice president of business development and marketing.