Following data breach, MoneyGram replaces CEO

Editorial

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The MoneyGram board has appointed Soohoo with immediate effect. Holmes, who has served as chairman and CEO since January 2016, will remain an advisor to the board “to ensure a smooth transition”.

MoneyGram is the world’s second-largest money transfer operator, with more than 50 million users who send more than $200 billion a year.

In late September it was forced to take systems offline for several days following a “cybersecurity issue” that cost the US firm business, with the UK’s Post Office deciding not to renew a long-term deal.

An investigation has since found that hackers stole names, contact information, dates of birth, national identification numbers, copies of government-issued identification documents, other identification documents such as utility bills, bank account numbers, MoneyGram Plus Rewards numbers, transaction information and, for a limited number of consumers, and criminal investigation information.

Making no mention of the hack, MoneyGram says Soohoo will execute the company’s digital innovation strategy while strengthening and expanding its global partner network.

He most recently served as EVP of Walmart’s home division, and has also held roles at CBS, Yahoo and Apple, and founded and sold multiple technology businesses.

MoneyGram board director Brendan Barrett says: “With the rate of digitization accelerating faster than ever, MoneyGram is at a pivotal moment in its journey to make secure and reliable financial services accessible for more customers across the globe, and Anthony is the right leader with the unique expertise needed to oversee the Company’s next chapter of growth.”