Verifone (NYSE: PAY) (“Verifone” or “the Company”), a world leader in payments and commerce solutions, today announced that Paul Galant has decided to step down as Chief Executive Officer, effective at the close of the previously announced transaction with Francisco Partners. At the transaction close, which is expected to occur during the third calendar quarter of 2018, Michael Pulli, formerly CEO of Pace plc until its acquisition by ARRIS Group, Inc. (NASDAQ: ARRS), will succeed Mr. Galant as Verifone’s Chief Executive Officer. Mr. Galant will continue to serve on Verifone’s Board and support Verifone as Vice Chairman. Mr. Galant will also become Senior Advisor to Francisco Partners on payments industry strategy and opportunities.
“It has been an honor to lead Verifone through a time of rapid change in the payments industry and I couldn’t be more proud of all that our team has accomplished as we prepare to enter our next phase under new ownership,” said Mr. Galant. “We have restored Verifone to a position of strength while staying true to our roots of innovation, and I transition to my new role having full confidence that Verifone is in the best position from which to drive a new chapter of growth. I’m excited to continue to work with Mike Pulli and the management team as Vice Chairman.”
“On behalf of the Board of Directors, I would like to express my deep gratitude to Paul for his dedicated leadership and service to Verifone over the past five years,” said Pete Hart, Chairman of the Board of Directors. “Paul joined Verifone at a critical time for the Company, and under his stewardship, the Company has made significant progress in its transformation from a terminal sales company to a world leader in payments and commerce solutions, enabling us to deliver significant value to our shareholders. Paul’s drive, vision and deep commitment to Verifone and our clients has positioned the Company well for its next phase of growth in partnership with Francisco Partners. We are grateful that Paul has agreed to continue his significant contributions to Verifone and look forward to continuing to benefit from his industry experience and expertise.”
“We appreciate Paul’s commitment to Verifone, and his willingness to continue to contribute his knowledge and experience in his new role as Vice Chairman,” said Peter Christodoulo, Partner at Francisco Partners. “We are also very excited to have Mike Pulli coming on board as our new CEO as we become stewards of this very important platform in the global payments and commerce ecosystem. Mike’s experience and success in transforming Pace plc from a hardware company to a provider of integrated hardware and software systems and services will be of great benefit to Verifone as it continues its transformation in a private context.”
“I am very excited for the opportunity to lead Verifone,” commented Mike Pulli, “and I look forward to working closely with Paul, Francisco Partners and Verifone’s leadership team as the Company continues its transformation into an integrated provider of commerce enablement solutions. Verifone is a tremendous global platform and I cannot wait to get to work building value for customers, employees and shareholders going forward.”