The CEO of payment technology platform Global Processing Services has moved upstairs to the position of vice chair.
Joanne Dewar, who has served as CEO for four years, will maintain her position on the GPS board. She will focus on the group’s growth and global profile, and continue to work alongside chair Gene Lockhart in a newly created Office of the Chair.
Kevin Schultz has been appointed as CEO, effective immediately.
Lockhart, a former CEO at Mastercard – chair and general partner of US-based growth equity firm MissionOG – was appointed chair in January as the company announced a funding round worth almost £300 million.
Schultz brings a wealth of executive leadership experience in the payments and digital banking industry to his new role, where he will primarily focus on strategy and execution.
Most recently, he was Fiserv’s group president of digital banking. He has also served as president, global financial services at First Data, following nearly 16 years at Visa, where he built out the debit processing business, Visa DPS.
“We are hugely grateful for the great work that Joanne has done at GPS. Under Joanne’s stewardship, the company has gone from strength to strength and successfully transitioned through a major new investment round, the building of a new management team and a significant transformation,” said Lockhart.
“In her new role as vice chair, she will continue to play a pivotal role in GPS’ future.
“With Kevin on board, our leadership team now has a unique and powerful blend of industry, market and leadership experience which will help us to accelerate the company’s growth.”
Dewar said: “I am extremely proud of what has been achieved so far and I am very excited about my new role, which should enable me to help expand the business footprint through raising the profile and building the global network.
“I am also delighted to welcome Kevin, who’s impressive track record and experience will be a huge asset to the GPS business and our customers. Together with Gene, I am convinced that we have a winning combination which will accelerate the ability of GPS to reach its true potential.”
Schultz added: “It has been a transformational period for the company, and I could not be more excited to lead the company through the next phase of its development.
“With the experience of our leadership team and support of our investors, I am convinced that GPS will continue to deliver market leading technology and provide our customers with ever more innovative payments solutions.”