Electronic payments terminal manufacturer VeriFone Systems announced today it has appointed Citi executive Paul Gallant as its new CEO.
Gallant's appointment will be effective Oct. 1. The 45-year-old Gallant had served as the CEO of Citigroup's Enterprise Payments business since 2010. In this role, Galant was responsible for developing digital payments services for Citi’s institutional and government clients. Prior to that, he served as CEO of Citi Cards, heading Citigroup’s North American and International Consumer Credit Cards, and also served as Citi's CEO of Transaction Services.
According to VeriFone, Gallant was hired due to his track record of innovation in global, multi-channel payments. The appointment comes at a time when VeriFone faces increasing competition from non-traditional digital and mobile payments providers, such as Square.
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"His experience in guiding businesses through industry change and his track record in multi-channel payment innovation will position the company strategically for continued growth and long-term value creation,” said VeriFone’s Interim Non-Executive Chairman Dr. Leslie Denend in a written statement.
The company's former CEO, Douglas Bergeron, stepped down in March. Shortly before his resignation, Bergeron told analysts in a conference call that VeriFone hadn't spent enough time and money tailoring its products to suit the needs of local merchants, according to news reports.
In a statement, Gallant acknowledged that "there is still more work to be done" but that he was "impressed with the progress the company has made during the past year."