Money transfer company MoneyGram appoints new chief financial officer

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Diving Brief:

  • MoneyGram appointed Brian Johnson as Chief Financial Officer effective September 1 according to a Thursday announcement. Johnson is rising through the ranks of the global digital peer-to-peer (P2P) company, where he previously served as head of corporate finance and global treasurer. He has been with MoneyGram since 2018.
  • Johnson succeeds Larry Angelilli, who will continue to serve as executive vice president and assist with external relations and other strategic matters.
  • The appointment falls in the wake of an ongoing sale of MoneyGram to Chicago-based private equity firm Madison Dearborn Partners is expected to close in the fourth quarter of 2022.

Overview of the dive:

Johnson started at MoneyGram — which allows users to make payments from and to more than 200 countries — in 2018 as head of corporate financial planning and analysis (FP&A) and mergers and acquisitions (M&A). Prior to MoneyGram, Johnson had more than 20 years of financial services experience at Commerce Street Capital, Hudson Advisors/Lone Star Funds and Bear Stearns, according to his LinkedIn profile.

Johnson, in an email response to a request for comment, said he plans to work across the organization to drive the company’s digital transformation directly to the consumer through a customer-centric and focused approach. on KPIs. “From a financial perspective, we will be strongly focused on improving efficiency, maximizing cash flow and improving working capital,” he said.

In February, the Dallas-based company announced it had reached an agreement to be acquired by Madison Dearborn Partners. MoneyGram had been on and off the sell block for years and the deal is expected to close in the fourth quarter of FY22.

Johnson begins his role as chief financial officer after MoneyGram announced its partnership with the Stellar Development Foundation, a nonprofit organization that supports Stellar’s development and growth. This partnership will aim to bridge the gap between physical and digital currencies by allowing users to convert their fixed currency into digital assets, MoneyGram said. According to the company press release besides the appointment of Johnson MoneyGram has also transferred current chief preparation officer Anna Greenwald to COO, effective immediately.

The Consumer Financial Protection Bureau (CFPB) and the New York Attorney General in April sued the company for repeatedly violated consumer protection laws. According to the lawsuit, the company repeatedly failed to deliver the funds to overseas recipients. More MoneyGram the users are immigrants or refugees sending remittances to their home country, the lawsuit noted.

In response to the allegations, the company in May asserted that MoneyGram “cares deeply about consumer protection and has cooperated fully with the CFPB during its investigation.” In an email response for comment, a company spokesperson said they were “fully prepared to vigorously defend themselves and expose the baseless nature of the lawsuit in court.

Editor’s Note: This story has been updated to include comments from Brian Johnson.

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