Weeks after a significant cyberattack, MoneyGram has appointed Anthony Soohoo, a former Walmart executive, as its new CEO, replacing Alex Holmes.
The MoneyGram board made the decision effective immediately. Holmes, who has held the positions of chairman and CEO since January 2016, will stay on as an advisor to facilitate a smooth transition.
As the world’s second-largest money transfer operator, MoneyGram serves over 50 million users who collectively send more than $200 billion annually.
In late September, the company had to take some systems offline for several days due to a cybersecurity incident that impacted its operations. This led to the UK’s Post Office opting not to renew a long-standing partnership with the firm.
An investigation revealed that hackers accessed a range of sensitive information, including names, contact details, dates of birth, national identification numbers, and various identification documents, affecting a limited number of customers.
A spokesperson for MoneyGram stated that the leadership change is “not related to the recent cyber issue,” noting that it was part of a long-term process initiated by the MoneyGram Board of Directors.
Soohoo is expected to advance the company’s digital innovation strategy while enhancing its global partner network. Prior to this role, he served as EVP of Walmart’s home division and has worked at CBS, Yahoo, and Apple, in addition to founding and selling several tech companies.
Brendan Barrett, a board director for MoneyGram, commented that the company is at a critical juncture in its journey toward making secure financial services more accessible worldwide, and that Soohoo possesses the necessary expertise to lead this next phase of growth.