CPI Card Group CEO Scott Scheirman to Retire in February

CPI Card Group President and CEO Scott Scheirman intends to retire Feb. 28, 2024.

Scheirman will continue to serve until a successor is named, and the payment technology company’s board of directors expects to do so in late 2023 or early 2024, CPI Card Group said in a Monday (June 5) press release.

“During Scott’s tenure the company has delivered shareholder returns which have significantly outpaced the market and he leaves CPI in a strong competitive position, with an outstanding leadership team that is well prepared to build on the success achieved over the last several years,” Valerie Soranno Keating, chair of the nominating and corporate governance committee, said in the release.

Scheirman joined CPI’s board in 2016 and was named president and CEO in 2017, according to the press release.

Since that time, the company has launched payment cards made with a recovered plastic core, expanded its Software-as-a-Service (SaaS) instant issuance and provided debit, credit and prepaid debit payment and personalization solutions, the release said.

CPI launched the payment cards made with recovered plastic core in 2019 and dubbed them “Second Wave” cards because they divert plastic waste from entering the ocean and reduce the need for first-use plastic.

The company reported at the time that 96% of debit and credit card users are concerned about plastic waste in the oceans, 83% found the idea of a card made with recovered ocean plastic appealing and 58% would switch to another financial institution if such a card were offered with the same features and benefits.

During Scheirman’s tenure, CPI also debuted its Push Provisioning service that facilitates the tokenization of a Mastercard debit and credit card through in-app provisioning to a large network of mobile wallets.

In his retirement, Scheirman plans to spend more time with family and return to volunteer work, per the release.

“I am very proud of what our extremely talented team has accomplished at CPI,” Scheirman said in the release. “Together we have become one of the most trusted partners for our customers by providing innovative products, end-to-end solutions and market-leading quality and customer service that I believe positions the company well to continue to gain share.”