Regulatory changes expected to transform the payments marketplace; Company consolidates operations and management of its business
ATLANTA, JAN. 13, 2011 – In order to best serve its financial institution and merchant customers, and manage its global business with a focus on local delivery, First Data Corporation , today announced that it will consolidate the operations and management of its North American business and its business outside North America through the leadership of two executives.
"We are making these changes in order to serve our customers better and position the company for regulatory changes and other recent developments impacting the dynamic payments industry," said First Data CEO Jon Judge. "Today's action will help First Data maximize opportunities and leverage its considerable assets for the benefit of our customers, including issuers, acquirers, card networks and merchants across all industries. For example, U.S. regulatory changes that will occur in 2011 will transform relationships between financial institutions and merchants and are expected to create new and exciting business and product opportunities including mobility, networks, and routing optimization."
Today, First Data:
- Named Ed Labry to the position of President, First Data – North America; it is a market that contributes over 85 percent of the company's consolidated revenue. An executive with First Data and its predecessors since 1985, Labry has led a wide range of businesses at the company serving both financial institutions and merchants. Since 2006, Labry has served as president of First Data's Retail and Alliance Services division. In his new position, Labry will continue to report to the CEO.
- Started a search for an executive to lead its business outside North America, including markets that offer First Data opportunities for long-term growth and investment. In the interim, Executive Vice President John Elkins will lead the company's business in the Asia Pacific; Europe, the Middle East and Africa; and Latin America regions. Elkins has served as the company's chief marketing officer since joining First Data in 2009.
- Announced that Kevin Schultz is retiring as executive vice president effective Jan. 31, 2011, and will work with Labry and Elkins to manage a smooth transition of his responsibilities. He has led the company's Financial Services division since joining the company in 2009.
"Our objective is to serve our financial institution and merchant clients more holistically across the globe," said Judge. "First Data will continue our strategy of managing our operations and technology on a global basis."
Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive customer revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction.
Chip Swearngan, First Data