Paysafe names TSYS exec McHugh as new CEO, Leonoff named vice chairman

May 31, 2019

Payments provider Paysafe Group has appointed Philip McHugh as CEO, effective June 24. McHugh joins U.K.-based Paysafe from TSYS, where he headed merchant solutions. He replaces Joel Leonoff, who will take up a new position as vice chairman of the Paysafe board of directors.

McHugh, who will also sit on the Paysafe board, brings extensive experience in the banking and payments fields and an executive leadership career spanning more than 20 years. At TSYS, McHugh played an instrumental role in growing revenues and profits by more than 30%, according to a press release. 

Prior to TSYS, McHugh worked for Barclays in London, where he was Global CFO of Barclaycard and CEO of Barclaycard Business Solutions.

"We are delighted that somebody of Philip's caliber has accepted the role of CEO for Paysafe," Stuart C. Harvey Jr., chairman of the Paysafe board of directors, said in the release. "His relentless focus on serving the customer and his proven ability to drive operational excellence within complex financial organizations has led to strong results throughout his career. This track record combined with his visionary approach will be invaluable as we advance the company's corporate strategy."

As vice chairman of the Paysafe board, Leonoff will continue to be closely involved in the development of the company's corporate strategy. Leonoff founded Paysafe, originally Optimal Payments, in 1997, and has held the position of president and CEO since 2008. 

During Leonoff's tenure as CEO, Paysafe has delivered consistent growth and introduced new payments solutions to the marketplace, including a range of digital wallets and online cash solutions. In 2018, the company achieved record global transaction volumes of $85 billion.

Topics: Mobile Payments

Companies: Paysafe Group

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