Richard N. Garman, president and chief executive officer of Electronic Payment Services Inc., has resigned and will become a partner in a San Francisco venture capital firm.

EPS is the holding company for the MAC network, the debit and automated teller machine network, and Buypass Corp., a point of sale acquirer and third-party payment processor.

Mr. Garman, who will leave EPS on Thursday, negotiated the sale of EPS to Concord EFS, a prominent publicly owned payment processor and merchant-acquirer based in Memphis.

The sale was completed in February.

Mr. Garman had actively pursued a merger or initial public offering for EPS, which was owned by five major banking companies.

A Concord spokeswoman said Mr. Garman has "accomplished what he set out to do."

Dan Palmer, Concord chairman and chief executive officer, told employees of the resignation Thursday.

Mr. Garman will join Financial Technology Ventures, a venture capital firm that invests in technology vendors to the financial services industry.

The Concord spokeswoman said Mr. Garman will be reunited at Financial Technology with former partners of the investment banking firm Montgomery Securities, where he worked before joining EPS in 1995.

Concord executive vice president Ruth Ann Marshall, who joined the company from EPS, is also resigning. MasterCard International announced last week that Ms. Marshall will become president of its North America region.

The Concord spokeswoman said the timing of the two resignations was coincidental.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.