MoneyGram replaces CEO, Following data breach

The MoneyGram board has announced Soohoo as the new CEO with immediate effect.

MoneyGram has recently appointed Walmart Executive Anthony Soohoo as its new CEO, replacing Alex Holmes, who held the role since 2016. This change comes shortly after a major cybersecurity incident exposed the personal information of many customers, including sensitive details like identification numbers, contact information, and even bank account data.  

Although the company stated that the leadership change was unrelated to the breach, the timing has raised questions. Holmes will remain on as an advisor to help ensure a smooth leadership transition, while Soohoo will guide the company through this critical period with a renewed focus on digital growth and security improvements.

In late September the company was forced to take systems offline for several days following a "cybersecurity issue" that cost the US firm business, with the UK's Post Office deciding not to renew a long-term deal.

MoneyGram, which handles over $200 billion in transactions annually, faced several operational disruptions after the data breach, including temporary system shutdowns and the loss of a significant contract with the UK Post Office. This leadership transition signals a strategic shift as MoneyGram aims to strengthen its cybersecurity measures and expand its digital services under Soohoo's guidance.

Soohoo will execute the company's digital innovation strategy while strengthening and expanding its global partner network.