Deluxe Corp. has selected a former First Data executive to become its next CEO.
Barry McCarthy will become chief executive and president of Deluxe Corp. effective Nov. 26, company officials said on Tuesday.
McCarthy spent 14 years at the $1.5 billion First Data, most recently as executive vice president and the head of its network and security solutions business. He succeeds Lee Schram, who announced his retirement in April.
Schram has led the check manufacturing and small business services giant since 2006. During his tenure, he led the transformation of Deluxe from primarily a check-printing business to one offering a suite of small business solutions.
The Shoreview-based Deluxe generated $2 billion in revenue last year and saw profits rise 9 percent to hit a record $250.7 million.
McCarthy and Schram will work together in the coming weeks to ensure a smooth transition, company officials said Tuesday.
“I know Barry has the experience and leadership capabilities to drive this great company forward,” Schram said in a statement. “I look forward to helping in the transition of leadership to Barry and supporting Deluxe’s continued success.”
McCarthy began his career in product development and marketing at Procter & Gamble. He earned an MBA from Northwestern University and attended the University of Illinois. He was a director for several community organizations, including Junior Achievement of Georgia, Atlanta’s Woodruff Arts Center, Catholic Charities and FinTech Atlanta, where he supported the creation of the University of Georgia’s FinTech Academy.
During his time at First Data and other companies, McCarthy was credited with launching dozens of new products, revitalizing growth of financial technology businesses, creating “check-on-file” payment solutions for First Data/TeleCheck, and developing point-of-sale terminals for business payment acceptance.
He is also credited with generating $1 billion in total lifetime revenue for First Data.
McCarthy’s base salary will be $900,000, with a signing bonus of $1.15 million and $6 million of long-term equity awards to replace value of the equity he is forfeiting at his old job, according to a government regulatory filing. He will be eligible for an annual bonus of 120 to 200 percent of base salary.
“Barry’s exceptional record of developing, expanding and revitalizing businesses that deliver sophisticated solutions to our target markets makes him the ideal leader to drive the next stage of the company’s transformational growth,” said Martyn Redgrave, chairman of Deluxe’s board.