8-KLeadership Changes

GLOBAL PAYMENTS INC 8-K Report, Executive Changes (Mar 24, 2008)

Filed March 24, 2008For Securities:GPN

Summary

This 8-K filing from Global Payments Inc. (GPN) reports a significant and tragic event: the death of Mr. Raúl Limón Cortes, President and Chief Executive Officer of DolEx Dollar Express, Inc., a subsidiary acquired by Global Payments in 2003. Mr. Limón Cortes passed away on March 23, 2008, due to a fatal car accident in Mexico. His leadership at DolEx since 1996 was instrumental in the company's success. In response to this sudden loss, Global Payments acted swiftly to ensure continuity in leadership. The company has appointed two long-term members of the DolEx management team to new leadership roles. George Zelinski has been named President of North American Money Transfer, and Jose Salinas Nilson is now President of European Money Transfer. Both will report to James G. Kelly, Senior Executive Vice President and Chief Operating Officer of Global Payments, who has overseen DolEx operations since its acquisition.

Key Highlights

  • 1Death of Raúl Limón Cortes, President and CEO of DolEx Dollar Express, Inc., on March 23, 2008, due to a car accident.
  • 2Mr. Limón Cortes had been the CEO of DolEx since 1996, and DolEx was acquired by Global Payments in 2003.
  • 3Global Payments has appointed George Zelinski as President of North American Money Transfer.
  • 4Jose Salinas Nilson has been appointed President of European Money Transfer.
  • 5Both new presidents will report to James G. Kelly, Senior Executive Vice President and COO of Global Payments.
  • 6Mr. Kelly has held executive responsibility for DolEx since the 2003 acquisition.

Frequently Asked Questions

This 8-K filing is primarily to report the unexpected death of Mr. Raúl Limón Cortes, the President and CEO of Global Payments' subsidiary, DolEx Dollar Express, Inc., and the subsequent leadership changes within DolEx to ensure operational continuity.

While the sudden loss of a key leader is always a concern, Global Payments has taken immediate steps to appoint new leadership for DolEx's money transfer divisions. The reporting structure to an existing senior executive of Global Payments (Mr. Kelly) suggests an effort to maintain stability and strategic oversight.

George Zelinski has been appointed President of North American Money Transfer, and Jose Salinas Nilson has been named President of European Money Transfer. Both are long-term members of the DolEx management team.

No, his responsibilities appear to be divided. Mr. Zelinski will lead North American Money Transfer, and Mr. Nilson will lead European Money Transfer. Both will report to Mr. James G. Kelly, who has had oversight of DolEx since its acquisition.