Global Payments, the worldwide provider of payment technology and software solutions, announced on Thursday (Aug. 30) that President and Chief Operating Officer David Mangum is leaving the company.
In the press release, the company thanked the executive for his service but did not say why he is leaving.
“I would like to thank David for his significant contributions to the growth of Global Payments over the past decade,” said Jeff Sloan, chief executive officer. “In particular, his leadership over the last five years as our president has been instrumental to our success as we have evolved our business mix and positioned the company as the leader in technology-enabled, software-driven payments globally. We wish him the very best in his future endeavors.”
Additionally, Global Payments announced that Sloan and Cameron Bready, senior executive vice president and chief financial officer, have extended their employment agreements through August 2021. Sloan and Bready will also be assuming Mangum’s primary responsibilities.
The announcement comes as the industry is seeing an increase in mergers and acquisitions. In July, Financial Times reported that there were 102 transactions worth a total of $46 billion in the first six months of 2018, according to data from Dealogic. That surpasses the full-year figure of $32.9 billion in 2017.
The reason for the surge comes down to the changing behavior of consumers, many of whom now prefer contactless payments and online shopping. In fact, data released last month showed cash is no longer the most popular form of payment in the U.K., while countries such as Sweden are on the way to becoming “cashless societies.” Some merchants are also opting out of the cash game. Last month, Danny Meyer defended his restaurant group’s move to test out cashless transactions, saying the decision was made for safety reasons as well as for improved efficiency for customers.
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