News

eFunds makes organizational changes

February 1, 2005

SCOTTSDALE, Ariz. - eFunds Corporation (NYSE: EFD), is promoting George Gresham to senior vice president and chief financial officer, effective April 1, following the planned retirement of Thomas Liston, eFunds' current SVP and CFO.

Gresham currently serves as the company's vice president of Finance. Liston will continue with eFunds as a special senior administrative consultant.

Gresham joined eFunds in April of 2002 as corporate controller and became VP of Finance in January 2004. Gresham has overseen eFunds' financial accounting and reporting, financial planning and analysis, and corporate taxation groups, and has served as a member of its Executive Leadership Team. Prior to joining eFunds, Gresham spent 10 years with Deloitte & Touche LLP as a senior manager of Assurance Services.

According to a news release, the company is also making several organizational changes to support the ongoing implementation of its corporate strategy. The changes include the formation of a new business unit, the consolidation of existing business units, executive promotions, and the commencement of a search for additional senior management talent.

John (Jack) Benton, previously head of eFunds' International Division, will now lead a newly-formed Solutions Group which will focus on the structuring of significant commercial transactions and large-scale project management. Under Benton's leadership, the Solutions Group will continue developing eFunds' Enterprise Account Management initiative, manage key strategic relationships such as the company's alliance with MasterCard International and oversee the development of eFunds' consulting activities.

As previously announced, Rahul Gupta has been promoted to lead a consolidated Electronic Payments and Risk Group, which will now be known as the Payment Account Solutions Division, with specific market focus on the United States.

Kathleen Flanagan, the former head of the Global Outsourcing Group, is being promoted to lead a consolidated Global Services Group responsible for Global Outsourcing, ATM Managed Services and the expansion of eFunds' international business.

A search is underway for a senior executive to lead a new Strategy and Marketing Group. This group will have overall responsibility for the formulation of long-term market and product strategies for eFunds in the global financial services, retailing and telecommunications markets. It will also lead eFunds' branding and marketing communications campaigns, as well as government affairs.

Corporate Development will continue to be led by Tommy Andrews, who will focus on eFunds' global merger and acquisition activities. Clyde Thomas will continue to serve as chief information officer and head of eFunds' Technology division. Michele Langstaff will continue to lead Human Resources and Administration. Steven Coleman will continue in his role as SVP general counsel and secretary.