Verifone appointed Fiserv executive Himanshu Patel as its new CEO effective Nov. 1.
Patel succeeds Mike Kohlsdorf, who has been CEO since August, the global provider of payment solutions said in a Tuesday (Oct. 10) press release. Kohlsdorf will remain on Verifone’s board of directors.
“I have been watching Verifone’s impressive transformation over the last several years, and I am excited to be joining as CEO of this truly global and iconic company to further its customer-centered strategy of bringing innovative and secure commerce solutions to market,” Patel said in the release.
Patel brings experience in the FinTech and payments industry to his new role, having worked at Fiserv, First Data Corporation and J.P. Morgan, according to the release. In his most recent role as executive vice president and co-head of the Financial Institution Group at Fiserv, Patel oversaw one of the company’s largest business units, focusing on payment-related solutions.
Patel’s “industry expertise and track record of success … will serve him well in ensuring customer satisfaction while … driving valuable solutions to market,” Peter Christodoulo, partner at Francisco Partners, the private equity firm that acquired Verifone in 2018, said in the release.
Under the leadership of outgoing CEO Kohlsdorf, Verifone saw improvements in employee, customer and shareholder satisfaction, according to the release. Kohlsdorf also expanded existing partnerships and forged new ones.
Kohlsdorf has been a senior operating partner affiliated with Francisco Partners since 2011 and has served as CEO of eight of that firm’s portfolio companies. When Kohlsdorf became CEO of Verifone in August, he succeeded Mike Pulli, who stepped down from the role after five years.
As the new CEO, Patel will set the strategic direction for Verifone’s more than 4,500 employees, who provide commerce solutions to businesses worldwide, the release said.
“We will continue architecting class-leading solutions across the globe for every type and size of customer from physical and digital businesses to global FinTechs and financial service firms,” Patel said in the release.
Verifone’s platform is experiencing growth, with its gateways processing over 14 billion transactions annually, per the release. The company operates in more than 165 countries, providing secure payment devices, eCommerce tools, acquiring services and advanced business insights.