Paysafe scoops up TSYS exec as new CEO

Paysafe has recruited TSYS exec Philip McHugh as its new CEO, a few days after news broke of the TSYS-Global Payments merger.

McHugh, currently senior executive vice president at TSYS and president of merchant solutions, will replace Paysafe CEO Joel Leonoff, effective June 24, 2019, according to a Thursday press release.

At Paysafe, McHugh also will serve on Paysafe's board of directors, and Leonoff will assume the new position of vice chairman of the board.

McHugh joined TSYS' executive management team two years ago from Barclaycard, where he served for seven years in various capacities including CFO and head of Barclaycard business solutions. Prior to Barclaycard, McHugh spent several years at Citibank in various positions.

At TSYS, McHugh played a key role in scouting and negotiating deals for recent acquisitions, including the Columbus, Ga.-based card processor’s $1 billion purchase of Cayan last year.

London-based Paysafe operates the Skrill and Neteller wallets enabling international money transfers plus online and in-store transactions for consumers paying in cash. Last year Paysafe introduced Paysafecash to upload cash to digital wallets, and the company also added installment loans in North America.

“The opportunity to continue to invest in, and leverage Paysafe’s differentiated payments assets, as well as identify new areas of growth while working with a highly focused the energized team, is a very exciting one,” said McHugh in the release.