Deluxe Corp. of St. Paul has named a new senior executive and renamed its electronic payments unit.

Thomas W. VanHimbergen, 48, will succeed Charles M. Osborne, 43, as senior vice president and chief financial officer, effective May 1.

Mr. Osborne will become president and chief operating officer of Graco Inc., a Minneapolis-based maker of fluid exchange systems, where he has been on the board of directors since 1995.

Effective immediately, Deluxe Data Systems, the Milwaukee-based processor of electronic funds transfers, is renamed Deluxe Electronic Payment Systems to "better reflect the market," a company spokesman said.

The changes were part of a restructuring spearheaded by Deluxe Corp. chairman and chief executive officer J.A. "Gus" Blanchard. In recent months Deluxe has shed a merchant processing unit and parts of its check- processing business.

"There is a continual reshaping of the senior management team" by Mr. Blanchard, said Edwin C. Ciskowski, an analyst at Cleary, Gull, Reiland & McDevitt Inc., Milwaukee. He said Mr. Osborne was "old guard" and "it was apparent he would not be chairman anytime soon."

Mr. Osborne "sees this as a good opportunity to allow him to broaden beyond chief financial officer here," said Deluxe spokesman Stuart Alexander. Graco's CEO, George Aristides, "is seeking a successor."

Mr. VanHimbergen was most recently senior vice president and chief financial officer of Federal-Mogul Corp., a Southfield, Mich., auto parts maker. He will report to Mr. Blanchard.

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