CPI Card Group Announces CEO Retirement Plan and Succession Process

Card Group
(Nasdaq: PMTS, TSX: PMTS) (“CPI” or the “Company), a
global leader in financial and EMV® chip card production and
related services, today announced that Steve Montross will be retiring
from his position as President and Chief Executive Officer and as a
member of CPI’s Board of Directors. Mr. Montross will continue to serve
as President and CEO through the earlier of the date on which the
Company appoints a successor or December 31, 2017. From that date
through his June 30, 2018 retirement date, Mr. Montross has agreed to
continue working with CPI serving in a non-executive capacity and will
assist with the transition of the new CEO. The Board of Directors will
implement its succession plan and immediately begin the search for a new
CEO with the assistance of a leading executive search firm.

Brad Seaman, Chairman of the Board of Directors of CPI Card Group said,
“On behalf of the Board and the entire Company, I want to thank Steve
for his leadership and valuable contributions to the success of CPI Card
Group over the past nine years, and for continuing to serve as CEO
through our transition to a successor. Steve has led the Company through
a period of rapid growth and has been devoted to our company and its
employees and committed to providing the highest quality products and
service to our customers. He played an important role in establishing
CPI as a leader in the U.S. financial payments card market. Today CPI is
well positioned for future growth as our management team, market
position, and end-to-end product and solution set are exceptionally
strong. We wish Steve the very best.”

Steve Montross commented, “Serving as CEO of CPI Card Group has been a
great honor and privilege. Now at close to the age of 64, I have enjoyed
a gratifying career of almost 40 years, and I believe it’s now time for
me to begin transitioning to the next phase of my life. I am grateful to
have worked with the talented and dedicated people of CPI throughout my
nine years with the Company. This was a very difficult decision
considering how far CPI has come and the bright future of the Company.
Given the strong base we have built I believe CPI will achieve even
greater success in the future. I am committed to working with the Board
and management team to ensure a smooth transition process into 2018.”

About CPI Card Group

CPI Card Group is a leading provider in payment card production and
related services, offering a single source for credit, debit and prepaid
debit cards including EMV chip, personalization, instant issuance,
fulfillment and mobile payment services. With more than 20 years of
experience in the payments market and as a trusted partner to financial
institutions, CPI’s solid reputation of product consistency, quality and
outstanding customer service supports our position as a leader in the
market. Serving our customers from ten locations throughout the United
States, Canada and the United Kingdom, we have the largest network of
high security facilities in North America, each of which is certified by
one or more of the payment brands: Visa, MasterCard, American Express,
Discover and Interac in Canada. Learn more at www.cpicardgroup.com.

EMV is a registered trademark or trademark of EMVCo LLC in the United
States and other countries.

Click to comment


To Top