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VeriFone Taps Citi Exec as New CEO

Paul Gallant, formerly the CEO of Citigroup's Enterprise Payments business, will take the reigns at VeriFone starting Oct. 1.

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."

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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User Rank: Author
9/24/2013 | 4:23:34 PM
re: VeriFone Taps Citi Exec as New CEO
I agree VeriFone's hiring of Citi's payments executive is designed to give the vendor insights into how banks think about payment solutions. Also, perhaps there are fewer career opportunities at this level within banks. On Wall Street, we often see former traders and brokerage executives move to the vendor side to start up tech companies or work in leadership positions because of their deep industry contacts.
User Rank: Author
9/24/2013 | 2:13:14 PM
re: VeriFone Taps Citi Exec as New CEO
There seems to be a bit of a trend (mini-trend) of these big payments solutions companies tapping into banks for their senior leadership -- as per First Data's recent hires of 2 top execs from JPMorgan Chase. I'm sure there's a mix of factors here (including compensation opportunities), but it does appear that these vendors are looking to capitalize on market and tech insights from the banker's perspective.
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