Monday, July 23, 2012
Leading payment processor Global Payments Inc. reported July 16, 2012, that Joseph Hyde, President of Global Payments' international operations, is leaving the Atlanta-based company. Hyde will join "a privately-held financial services firm unrelated to the payments industry as Chief Financial Officer," Global Payments said.
Morgan "Mac" Schuessler, Global Payments Executive Vice President and Chief Administrative Officer, will succeed Hyde on Aug. 1.
The executive change comes at a tumultuous time for Global Payments following a data breach discovery in March 2012. The company confirmed the personal information of as many as 1.5 million cardholders was put at risk. It also said some merchant applications, which contain highly sensitive information, such as Social Security numbers, may also have been breached. Visa Inc. and MasterCard Worldwide removed the company from their compliant service provider list following the discovery of the data theft.
Global Payments will update the breach investigation, its costs, the progress made toward recovering compliance certification and other breach related matters in an earnings report call scheduled for Thurs., July 26.
Paul Garcia, Global Payments Chief Executive Officer, said he is "delighted" Schuessler accepted the President's job. "I am confident that he will continue to drive strong international expansion for Global Payments," he stated. Garcia added that Hyde was a key contributor to the company's success and thanked him for "extraordinary efforts."
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