The companies are the latest payments firms to announce a CFO change as the sector faces macroeconomic headwinds
The CFO moves are the latest payments CFO exits in a string of departures in recent months, including at PayPal, MoneyGram, Fidelity National Information Services (FIS) and Shift4. All of the companies are adding new CFOs now amid rising inflationary pressures and higher interest rates.
In the second quarter, Western Union’s revenue fell 12% to $1.1 billion compared to the prior year period, according to an Aug. 3 press release. Net income fell 13% to $194 million, the company said.
Agrawal joined Western Union, originally known for its telegram business in the nineteenth century, as treasurer in 2006. He moved up the ladder to take the top finance seat in 2014, according to his LinkedIn account. Prior to his time at the money transfer company, Agrawal held positions at Deluxe Company, General Mills, Chrysler and General Motors.
He takes the finance helm of Arrow Electronics with experience in merger and acquisition strategy and global operations. “Raj’s strong financial and business leadership makes him the ideal executive to lead our finance team,” said Sean Kerins, president and chief executive officer of Arrow, in the Aug.16 statement. The Centennial, Co.-based company specializes in distribution of electronic components and computer products.
At Paymentus, the company promoted Paul Seamon, its vice president of finance and strategy, to the CFO role on an interim basis while it searches for a permanent CFO replacement, the SEC filing said. Days before its CFO shift, the company on Aug. 3 reported a second-quarter net loss of $2.5 million, compared to net income of $575,000 for the year-earlier period. Revenue for the quarter rose 28% to nearly $120 million over the year-ago quarter.
MoneyGram, another money transfer company, swapped former CFO Larry Angelilli for Brian Johnson, effective Sept. 1. The company has recently faced economic challenges and is adapting to a $1 billion acquisition by a private equity firm. They are also fighting a federal probe launched this year.
By Elizabeth Flood on Aug 18, 2022
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