CPI Card Group Inc. (Nasdaq: PMTS) (“CPI” or the “Company”), a
payment technology company and leading provider of credit, debit
and prepaid solutions, today announced John Lowe has been named its
new President and Chief Executive Officer and appointed to the
Company’s Board of Directors, effective immediately. Lowe succeeds
outgoing President and Chief Executive Officer Scott Scheirman, who
had previously announced his intention to retire in early 2024.
Lowe has been with CPI Card Group since 2018, most recently as
Executive Vice President, End-to-End Payment Solutions since late
2022. In this role he was responsible for a significant majority of
the Company’s revenues and operations. He previously served as the
Company’s Senior Vice President and General Manager, Secure Card,
beginning in 2021, and was the Company’s Chief Financial Officer
from 2018 through 2021.
The Board of Directors conducted a thorough search and review
process before selecting Mr. Lowe as President and CEO. “John has
deep knowledge of our business, customers, and industry and is a
proven leader who has been a major contributor to the Company’s
success,” said H. Sandford Riley, Chair of CPI’s Board of
Directors. “We are very pleased to have an internal successor who
can bring continuity, while also driving new business growth such
as expanding into adjacent markets and product offerings, including
digital opportunities, as the Company positions itself for the
future.”
The Company also announced that Peggy O’Leary has been promoted
to take on the role of Senior Vice President, Prepaid Solutions and
Chief Development and Digital Officer, reporting to Lowe. O’Leary
has been with CPI since 2017, most recently serving as Senior Vice
President of Prepaid Solutions since late 2022, and Vice President
of Sales of Prepaid, Personalization Solutions, and Instant
Issuance from 2020 through 2022. She has played an integral role in
driving the Company’s Prepaid growth and expansion into adjacent
markets. Prior to joining CPI, O’Leary held a variety of roles at
companies including Jingit, InteliSpend, Maritz, and Hallmark.
Scheirman announced in June 2023 his intention to retire in
early 2024. He will serve as Senior Advisor to the Chief Executive
Officer of the Company through his retirement date of February 28,
2024 and will work together with Lowe to ensure a smooth leadership
transition. Scheirman has also stepped down from CPI’s Board of
Directors, effective today.
Riley added, “On behalf of the CPI Board of Directors, I would
like to express our extreme gratitude to Scott for his outstanding
leadership and for delivering exceptional results that have
significantly outpaced the market over the last six years. Scott
leaves CPI in a strong competitive position, with a great
leadership team that is well prepared to build on the tremendous
success the Company has achieved.”
“I look forward to working with our outstanding leadership team
and all of our talented employees to advance our customer-centric
strategy and lead the Company in its next phase of growth,” said
Lowe. “We have established a strong foundation as a trusted market
leader in the U.S. payments space and have great opportunities to
continue to gain market share in our current business, while also
expanding our service and product offerings, including digital
solutions, for our thousands of valued customers.”
Lowe added, “I would like to thank the Board for the opportunity
to lead this great organization and to Scott for his ongoing
guidance and support.”
Lowe has more than a decade of senior executive leadership
experience and over two decades of financial leadership experience.
Prior to CPI, Lowe spent eight years at SquareTwo Financial
Corporation, most recently as Chief Financial Officer, and spent
his early career within the Capital Markets and Audit practices at
Deloitte. Lowe holds a B.S. Degree in Accounting and Finance from
Virginia Polytechnic Institute and State University.
“John is the right person to lead CPI and partner with our
strong leadership team to build on the success of our current
business and lead the Company through its next growth stage,” said
Scheirman. “I am grateful to our Board for allowing me to lead CPI
for the last six years and for the wonderful colleagues I have had
the privilege to work with. I am fully committed to working closely
with John, my colleagues and the Board to help ensure a smooth
leadership transition.”
About CPI Card Group Inc.
CPI Card Group is a payment technology company providing a
comprehensive range of credit, debit, and prepaid card solutions,
complementary digital solutions, and Software-as-a-Service (SaaS)
instant issuance. With a focus on building personal relationships
and earning trust, we help our customers navigate the constantly
evolving world of payments, while delivering innovative solutions
that spark connections and support their brands. We serve clients
across industry, size, and scale through our team of experienced,
dedicated employees and our network of high-security production and
card services facilities—located in the United States. CPI is
committed to exceeding our customers’ expectations, transforming
our industry, and enhancing the way people pay every day. Learn
more at www.CPIcardgroup.com.
Forward-Looking Statements
Certain statements and information in this release (as well as
information included in other written or oral statements we make
from time to time) may contain or constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements, including statements
about our expectations, strategies or future plans, are based on
our current expectations and beliefs concerning future developments
and their potential effect on us and other information currently
available. Such forward-looking statements, because they relate to
future events, are by their very nature subject to many important
risks and uncertainties that could cause actual results or other
events to differ materially from those contemplated. Reference is
made to a more complete discussion of forward-looking statements
and applicable risks that are described under the heading
“Cautionary Statement Regarding Forward-Looking Information” and in
Part I, Item 1A - Risk Factors in our Annual Report on Form 10-K
for the year ended December 31, 2022 filed with the Securities and
Exchange Commission (the “SEC”) on March 8, 2023 and our other
reports filed from time to time with the SEC. We caution and advise
readers not to place undue reliance on forward-looking statements,
which speak only as of the date hereof. These statements are based
on assumptions that may not be realized and involve risks and
uncertainties that could cause actual results or other events to
differ materially from the expectations and beliefs contained
herein. We undertake no obligation to publicly update or revise any
forward-looking statements after the date they are made, whether as
a result of new information, future events or otherwise.
For more information:
CPI encourages investors to use its investor relations website
as a way of easily finding information about the Company. CPI
promptly makes available on this website the reports that the
Company files or furnishes with the SEC, corporate governance
information and press releases.
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CPI Card Group Inc. Investor Relations: (877) 369-9016
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