VeriFone Names Paul Galant Chief Executive Officer

  VeriFone Names Paul Galant Chief Executive Officer

 Former CEO of Citi Enterprise Payments Brings Proven Track Record of Global,
     Multi-Channel Payment Innovation, and Financial Industry Leadership

Business Wire

SAN JOSE, Calif. -- September 23, 2013

The Board of Directors of VeriFone Systems, Inc. (NYSE: PAY)announced today
that it has appointed Paul Galant Chief Executive Officerand Member of the
Board of Directors, effective October 1, 2013.

New VeriFone CEO Paul Galant (Photo: Business Wire)

New VeriFone CEO Paul Galant (Photo: Business Wire)

Prior to joining VeriFone, Mr. Galant, 45, served as the CEO of Citigroup
Inc.’s Enterprise Payments business since 2010. In this role, Mr. Galant
developed innovative digital payments services for Citi’s institutional and
government clients, enabling them to expand into growth markets and helping
them to meet their consumers’ current and future needs for secure mobile
payments and commerce. Before that, from 2009, Galant served as CEO of Citi
Cards, heading Citigroup’s North American and International Consumer Credit
Cards business during a period of dramatic change in the industry and
positioned it for growth.Prior to that, from 2007, he was CEO of Citi
Transaction Services, establishing the business as a core growth engine for
Citi and expanding it into new product lines and markets serving Citi’s
largest institutional and government clients.

Dr. Leslie Denend, VeriFone’s Interim Non-Executive Chairman, said, “Following
an extensive search process, that considered a broad list of highly qualified
candidates, Paul was deemed unanimously by the Board to have the best
combination of professional experience and leadership skills to continue to
capitalize on the solid progress we have made in recent months.His experience
in guiding businesses through industry change and his track record in
multi-channel payment innovation will position the company strategically for
continued growth and long-term value creation.”

Mr. Galant said, “I am honored to have been selected as VeriFone’s new CEO.I
am impressed with the progress the company has made during the past year and
recognize there is still much work to be done. I am committed to VeriFone’s
business success and look forward to working with the talented senior
leadership team and VeriFone’s 5,500 employees worldwide to deliver the
quality and innovation that our clients need and the value that our
shareholders expect. VeriFone has established a tremendous presence in the
payments ecosystem with its managed services, platform software and data
analytics offerings across its core global network of more than 20 million
devices in 150 countries. This is a strong foundation to build upon, and I
look forward to continuing to serve our clients and grow our device and
services businesses leveraging new technologies and powering new commerce

“Over the past six months, VeriFone has made important strides implementing
our broad transformation effort to increase our value-added services and
software offerings,” said Dr. Denend. “On behalf of the entire board, I would
like to thank Rich McGinn, who agreed to step in as our Interim CEO at a
critical time in our history. As a consequence of his efforts and those of
other outstanding executives, VeriFone is now well-positioned as we look to
our future under Paul’s leadership.”

Paul Galant Extended Biography

Prior to joining VeriFone, Paul Galant was CEO of the Citi Enterprise Payments
business which serves institutional clients and leverages the bank’s
industry-leading wholesale and retail payment capabilities across regions and
organizations globally. In this role, Paul oversaw the design, marketing, and
implementation of global business-to-consumer and consumer-to-business digital
payments solutions for the world’s largest corporations, financial
institutions, and governments.

Prior to this, Paul served as the CEO of Citi Cards, leading Citi’s North
American and International Credit Cards business through a time of dramatic
change in the industry. Citi’s global credit card business is a market leader
and provides credit and payments instruments for consumers and institutions in
50 countries across six continents.

Earlier, Paul served as CEO of Citi Transaction Services, a division of Citi’s
Institutional Clients Group.Transaction Services is one of Citi’s publicly
reported business lines, offering award winning and industry leading Treasury
and Trade Solutions, and Securities and Fund Services capabilities to
corporations, financial institutions, governments, and investment advisors in
100+ countries.

Previously, he was the Global Head of the Cash Management business, one of the
largest processors of payments globally, covering all geographic regions
including North America, Latin America, Europe, the Middle East, Africa and
Asia Pacific. Under Paul’s leadership the Cash Management business experienced
record growth and a significant improvement in its operating performance. It
was also recognized for innovation and excellence by many publications
including Euromoney, The Banker, and Global Finance.

Before this, Paul was Global Head of eCommerce and Market Data Strategy for
Citi Corporate and Investment Banking. Paul and his team set strategic
direction and executed eCommerce initiatives, set market data strategy, and
developed global agreements.

Previous positions before joining Citi were with Donaldson, Lufkin and
Jenrette as Global Head of eCommerce, and Head of Financial Engineering within
Debt Capital Markets; with both Smith Barney and Credit Suisse heading
Financial Engineering Divisions; and as President and Founder of BTP
Information Services, Inc.

Paul holds a B.S. from Cornell University where he graduated a Phillip Merrill
Scholar. He has served as Chairman of the NY Federal Reserve Bank Payments
Risk Committee, and Chairman of The Clearing House Secure Digital Payments
LLC, and is an Executive Member on the NY Weill Cornell Medical Center
Council. He was featured in Institutional Investor’s “Online 40” (2010, 2008),
Crain’s New York Business as a member of its “40 Under 40” (2006), Global
Finance as a member of their “Who’s Who in Treasury and Cash Management”
(2006) and by CNBC as a “Young Gun” in its “Five Under 40” profile (2006).


This press release includes certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are based on management's current expectations or beliefs and on
currently available competitive, financial and economic data and are subject
to uncertainty and changes in circumstances. Actual results may vary
materially from those expressed or implied by the forward-looking statements
herein due to changes in economic, business, competitive, technological and/or
regulatory factors, and other risks and uncertainties affecting the operation
of the business of VeriFone Systems, Inc. These risks and uncertainties
include, but are not limited to: our assumptions, judgments and estimates
regarding the impact on our business of the continued uncertainty in the
global economic environment and financial markets, our ability to identify and
complete acquisitions and strategic investments and successfully integrate
them into our business, whether the expected benefits of our business
initiatives are achieved, our ability to protect against fraud, the status of
our relationship with and condition of third parties such as our contract
manufacturers, distributors and key suppliers upon whom we rely in the conduct
of our business, our dependence on a limited number of customers, risks and
uncertainties related to the conduct of our business and operations
internationally, our ability to effectively hedge our exposure to foreign
currency exchange rate fluctuations, our dependence on a limited number of key
employees, short product cycles, rapidly changing technologies and maintaining
competitive leadership position with respect to our payment solution
offerings. The forward-looking statements in this press release do not include
the potential impact of any acquisitions or divestitures that may be announced
and/or completed after the date hereof. For a further list and description of
the risks and uncertainties affecting the operations of our business, see our
filings with the Securities and Exchange Commission, including our annual
report on Form 10-K and our quarterly reports on Form 10-Q. VeriFone is under
no obligation to, and expressly disclaims any obligation to, update or alter
its forward-looking statements, whether as a result of new information, future
events, changes in assumptions or otherwise.

About VeriFone Systems, Inc. (

VeriFone Systems, Inc. (“VeriFone”) (NYSE: PAY) is the global leader in secure
electronic payment solutions. VeriFone provides expertise, solutions and
services that add value to the point of sale with merchant-operated,
consumer-facing and self-service payment systems for the financial, retail,
hospitality, petroleum, government and healthcare vertical markets. VeriFone
solutions are designed to meet the needs of merchants, processors and
acquirers in developed and emerging economies worldwide.

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VeriFone Systems, Inc.
Investor Relations:
Doug Reed, 408-232-7979
SVP, Treasury & Investor Relations
Media Relations:
Leah Roscoe, 770-754-3442
VeriFone Media Relations
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