Global Payments president Jeffrey S. Sloan has been named as the company's CEO by the company’s board of directors. He succeeds Paul R. Garcia, who has been the company’s CEO since June 1999 and Chairman since October 2002.
Under Garcia's leadership, Global Payments became a publicly traded company in early 2001. At that time, Global Payments generated annual revenues of under $350 million, nearly all of which was sourced in the United States. Today, Global Payments is a multinational corporation with nearly $2.5 billion in revenues for fiscal year 2013.
"Paul is a true visionary who has shaped this company into one of the leading payments companies in the world,” said lead director William I Jacobs. “We are immensely grateful for his 14 years of leadership and dedication as CEO, and look forward to his continued guidance as chairman through fiscal 2014."
Sloan has been responsible for the Americas' businesses and worldwide mergers and acquisitions strategy since he joined Global Payments in 2010. In 2012, he assumed additional responsibilities for worldwide operations, risk management, customer care and corporate marketing and communications.
"Based on Jeff's experience at Global Payments, his nearly 20 years of financial services background and his deep industry knowledge, we are confident that he is the ideal successor to drive sustainable growth over the long term for Global Payments," added Jacobs.
Jacobs is expected to succeed Garcia as chairman when Garcia ultimately retires.
"I have been very fortunate to have worked with Paul over the past 14 years, beginning with the IPO of Global Payments early in the last decade,” said Sloan. “Paul has built an incredibly strong company comprised of talented people, and he continues to be a consummate innovator and thought leader in an ever-changing worldwide payments environment. I look forward to continuing to work with Paul and the rest of the board of directors as we successfully execute on our growth initiatives."
"Jeff is prepared to lead this company as its president and CEO,” added Garcia. “His decisive leadership and his deep experiences and knowledge across the entire business uniquely qualify him to successfully assume this role immediately. He is well respected throughout the industry and he embodies the company's core values."
Prior to joining Global Payments, Sloan spent 12 years at Goldman, Sachs & Co., serving as a partner for six years with responsibility for developing the firm's worldwide payments practice in investment banking. He serves on the boards of FleetCor Technologies, Inc., Camp Twin Lakes and Pace Academy. Sloan is also a board member of the Electronic Transactions Association (ETA), serving as the chairman of the ETA's Industry Relations Committee as well as a member of the Finance Committee.