Issuer payments platform Thredd has appointed a new CEO as Kevin Schultz plans to retire.

London-based Thredd has seen continued growth beyond its UK headquarters in Asia-Pacific markets and is entering the US before the end of this year.

Jim McCarthy, who joined the business as executive vice president – global head of product and sales in January, will succeed Schultz as CEO, effective immediately.

McCarthy has more than 30 years of experience in the sector, including 18 years at Visa, where he held senior roles in sales, risk and authentication, consumer credit, digital products and product innovation. He was responsible for introducing 3D Secure and Visa Token Service at Visa, which have become industry standards, and contributed to the launch of Apple Pay.

As president, he also led i2c Inc, a US-based payments processor, to record growth.

“I’m immensely proud of what we have accomplished at Thredd since I joined – we have successfully implemented a new strategy and repositioned the company for sustainable growth,” said Schultz. 

“With Jim taking the reins, supported by owners who are committed to our continued success, Thredd is well placed as it enters an exciting new phase. It has been a tremendous experience to work with such an impressive team.”

The company received investment from Advent International, Viking, Temasek and Mission OG in late 2021.

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Gene Lockhart, Thredd chairman, said: “Jim is an extraordinary and proven leader in the global payments sector, and we are delighted that he has agreed to lead Thredd through its next period of innovation and acceleration.

“We would like to thank Kevin for his enormous contribution to the company as CEO, and the key role he has played in its success and transformation during this time.”

McCarthy added: “I’m extremely excited to take on the role of CEO at Thredd. 

“Since joining the organisation earlier this year, I could not have been more impressed by the incredible offering and team that we’re building here. Innovation is the lifeblood of any payments business, and I’m looking forward to continuing to deliver for our clients with new product development in a client-centric approach.”

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