Magazine article American Banker

A New Structure, Chief Financial Officer for eFunds

Magazine article American Banker

A New Structure, Chief Financial Officer for eFunds

Article excerpt

eFunds Corp., which resolved a Securities and Exchange Commission investigation and sold its least profitable unit last year, is reorganizing to bring its business units in line with its target markets and to expand its revenue.

"We are slightly changing the organization to put some individuals in a position where we can drive the business forward, particularly on the top-line revenue growth, a little more aggressively then we have in the past," Paul F. Walsh, eFunds' chairman and chief executive officer, said in an interview Tuesday. "What we're doing is aligning our resources to the objectives and priorities of the company."

As part of the reorganization, announced Tuesday, the Scottsdale, Ariz., payments company plans to promote George W. Gresham to senior vice president and chief financial officer. He will start his new job April 1 and will succeed Thomas S. Liston, 66, who plans to retire.

Mr. Gresham is the vice president of finance at eFunds.

It has also created a solutions group to manage its largest projects and oversee strategic relationships, such as its alliance with MasterCard International, and consulting efforts. John B. "Jack" Benton, who was previously the head of the international division, will run the new group. eFunds is also combining its electronic payments and risk management divisions into a payment account solutions division, which will be headed by Rahul Gupta, a division executive, and will focus on sales opportunities within the United States.

The automated teller machine and its global outsourcing operations are being combined into a global services division, which will be headed by Kathleen Flanagan, formerly the head of the global outsourcing division. The division will handle ATM managed services and international sales, as well as foreign outsourcing operations.

A newly created strategy and marketing division will formulate long-term plans and develop branding and marketing campaigns. …

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