After four months of due diligence, the deal to merge Columbus-based TSYS and Global Payments Inc., was completed Wednesday morning, the companies announced.
It will end nearly six decades of local control of a business that started as part of Columbus Bank & Trust Company, the forerunner to Synovus.
CB&T began issuing credit cards in 1959 and processed those cards in house. Eventually, the company began processing credit cards for other financial institutions. That grew into Total System Services, Inc., which was founded in 1983.
In October 2007, Synovus announced that TSYS would become its own company, no longer a subsidiary of Synovus.
“We are delighted to announce the completion of this landmark transaction, creating significant opportunities for our customers, partners, employees and shareholders worldwide,” said Jeff Sloan, Chief Executive Officer of Global Payments.
Sloan was the CEO of Global Payments prior to the merger. TSYS President and CEO Troy Woods will be the chairman of the new company.
“This industry-defining partnership dovetails with our technology-enabled strategy and fortifies Global Payments’ leadership position in integrated payments, owned software, and omnichannel solutions across the most attractive markets globally,” Sloan said in a prepared statement. “We share a common value of putting people first and will leverage the best of our cultures to preserve and enhance our commitment to all of our stakeholders.”
The new executive leadership team and board of directors was announced. Three top managers with connections to TSYS are in the eight top executives.
The three TSYS people who will be on the leadership team are:
- Paul Todd will become Senior Executive Vice President and Chief Financial Officer and be responsible for all global financial operations including finance, treasury, accounting and tax, as well as investor relations and internal audit;
- Gaylon Jowers will continue as Senior Executive Vice President and President of Issuer Solutions and is responsible for the strategic direction, growth and performance of the Issuer Solutions business segment, and;
- Kelley Knutson will remain Senior Executive Vice President and President of NetSpend and is responsible for the strategic direction, growth and performance of the Consumer Solutions business segment;
Others on the management team are:
- Cameron Bready will serve as President and Chief Operating Officer and will oversee the company’s worldwide merchant solutions businesses across North America, Europe, Asia Pacific and Latin America along with worldwide operations, risk management, product and real estate;
- Guido Sacchi will continue as Senior Executive Vice President and Chief Information Officer with responsibility for IT and digital business strategies, worldwide technology infrastructure management, application development and support, information security, project portfolio management, platform integration and artificial intelligence;
- David Green will serve as Senior Executive Vice President and General Counsel and Corporate Secretary, with responsibility for all of the company’s legal matters worldwide, as well as regulatory and data privacy compliance, and;
- Josh Whipple will serve as Senior Executive Vice President and Chief Strategy and Risk Officer and be responsible for worldwide mergers & acquisitions, strategic planning and enterprise risk.
Global Payments also announced today the members of its new Board of Directors, effective immediately. Woods is chairman and Sloan is also a board member.
Other directors include five from Global Payments’ Board – William Jacobs, Robert Baldwin, Jr., John Bruno, Ruth Ann Marshall and William Plummer; and five from TSYS’ Board – Kriss Cloninger III (lead independent director), Thaddeus Arroyo, Joia Johnson, Connie McDaniel and John Turner.
TSYS has more than 12,000 employees worldwide, with more than 5,000 of those located in Columbus. The new company has more than 24,000 employees.