Paymentus’ announcement of its CFO pick comes less than a month after it handed a severage agreement to Seamon.

If Seamon were terminated under certain qualifying terms and without cause, the agreement provided that he would continue to be paid his base salary and health care premiums for six months after leaving the company. Seamon’s annual base salary was $335,000, according to an employment agreement filed with the SEC in November. 

At the time, the company in an email to CFO Dive stated that the agreement was a formality and not an indication of a plan for Seamon to leave the company, by choice or termination, nor was it indicative of any decision regarding the CFO search process. 

But the severance agreement’s timing, coming roughly five months after Seamon took the interim role, suggested it was a sort of retention strategy signaling that he would be compensated for sticking it out, Shawn Cole, president of the boutique executive search firm Cowen Partners, told CFO Dive. Most internal interim CFOs typically want to retain the seat permanently and that agreement was likely the board’s effort to avoid losing Seamon, he said. 

Paymentus has been adding bill payment partners to its roster, announcing in January it was partnering with Green Dot to expand its cash bill pay capabilities. In 2020, the company announced its collaboration with Walmart to let customers pay their bills at stores and on the retailer’s mobile app.

By Maura Webber Sadovi on March 7, 2023
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