- Push-out Score determined
- After 11 years in the position
- Praise and thanks for Ersek
- Devin McGranahan taking over
- Ersek said 112 words
(exechange) — Denver, Colorado, November 15, 2021 — Hikmet Ersek, chief executive of Western Union, leaves. As announced by Western Union Co. in a news release and in a regulatory filing published on Monday, November 15, 2021, Hikmet Ersek leaves his post as chief executive officer at the financial services company, after 11 years in the role, effective by year end 2021.
Hikmet Ersek’s duties as CEO will be taken over by Devin B. McGranahan, most recently Executive Vice President and Senior Group President, Global Business Solutions at Fiserv, Inc.
The fact that Hikmet Ersek’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Comprehensive succession planning process”
Western Union did not give an explicit reason for Hikmet Ersek’s departure from the CEO post. Western Union said: “After a comprehensive succession planning process, the Board of Directors has appointed McGranahan to succeed Hikmet Ersek as CEO by year end 2021.”
Precise information regarding Hikmet Ersek’s future plans was not immediately available.
Western Union said: “After 21 years at Western Union, including the past 11 years as CEO, Hikmet Ersek (61) announced his retirement from the role as CEO and Director of Western Union by December 31st, 2021.”
Share price decline since November 2019
The announcement follows a decline in Western Union Co.’s share price of 31% since November 2019.
In the position of CEO since 2010
Hikmet Ersek became CEO of the Company in 2010.
Ersek will support the transition as a special advisor to the Board of Directors until mid-2022.
Ersek has served as the Company’s President and CEO since 2010.
Also during 2010 and prior to his current role, Ersek served as the Company’s Chief Operating Officer. From 2008 to 2010, Ersek served as the Company’s Executive Vice President and Managing Director, Europe, Middle East, Africa and Asia Pacific Region.
From 2006 to 2008, Ersek served as the Company’s Executive Vice President and Managing Director, Europe/Middle East/Africa/South Asia.
Prior to 2006, Ersek held various positions of increasing responsibility with the Company.
Prior to joining Western Union in 1999, Ersek was with GE Capital and Europay/MasterCard specializing in European payment systems and consumer finance.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Hikmet Ersek’s move on a scale of 0 to 10.
exechange reached out to Western Union and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 47.2021 ($).