The beleaguered remittance company MoneyGram International Inc. said Wednesday that it has hired Pamela Patsley as its executive chairman and promoted Anthony Ryan to president and chief executive officer.
MoneyGram had been without a chief since June, when Philip W. Milne stepped down as chairman, president, and CEO after 17 with the Minneapolis company.
Ms. Patsley previously spent seven years at Kohlberg Kravis Roberts & Co.'s First Data Corp., leaving in 2007 as the president of its international division.
Mr. Ryan, who has been with MoneyGram since 1995, had been its chief operating officer. He is also getting a board seat.
The company has been hit hard by the credit crisis. It took a $230 million writedown in October 2007 because of bad investments subprime mortgages and collateralized debt obligations held in its portfolio.