SCOTTSDALE, Ariz. -- eFunds Corporation's (Nasdaq: EFDS) Board of Directors has unanimously approved the appointment of Paul F. Walsh as the company's new chairman and chief executive officer. Walsh succeeds J. A. "Gus" Blanchard, who will serve as transition advisor until his planned retirement becomes effective on Dec. 31.
Walsh is the former chairman and CEO of Clareon Corporation, a privately held electronic payments provider based in Portland, Maine. From 1999 to 2000, he served as chairman of iDeal Partners, a private equity firm, funded in part by Bank Boston Capital and Berkshire Partners. From 1995 to 1998, he was president and CEO of Wright Express Corporation, a market leader in the U.S. fleet card industry.
Walsh also served as CEO for the Investor Services and Diversified Services divisions of BankOne; head of Institutional Trust at Norwest Capital Management; and in multiple positions, including CEO, of Diner's Club/Germany for Citigroup.
Walsh said in a news release, "I am very excited to join eFunds at such a pivotal point in the company's development."
The company's stock price has been sliding since early June, when it lowered its earnings expectations for 2002 and announced the unexpected departure of Paul Bristow, its chief financial officer. (See related stories Market reacts to eFunds report and eFunds lowers earnings expectations)
eFunds has acquired four ISOs in the past year -- Access Cash, Hanco Systems, Samsar ATM Company and Evergreen Teller Services -- and more acquisitions are reportedly in the works.
