McHugh, who will also sit on the Paysafe Board, brings extensive experience of the global banking and payments industries to the role, and an executive leadership career spanning more than 20 years. He joins Paysafe from TSYS, a leading global payments provider, where he was responsible for heading up their merchant solutions division. During his tenure in the position, McHugh played an instrumental role in growing TSYS’ revenues and profits by over 30%.
Prior to TSYS, McHugh worked for Barclays in London where he was Global CFO of Barclaycard and CEO of Barclaycard Business Solutions. During his time with Barclaycard, he was part of the leadership team that more than doubled the size of the business over a five-year period through the implementation of various strategic growth initiatives.
Stuart C. Harvey, Jr., Chairman of the Paysafe Board of Directors, commented, “We are delighted that somebody of Philip’s calibre has accepted the role of CEO for Paysafe. His relentless focus on serving the customer, and his proven ability to drive operational excellence within complex financial organisations, has led to strong results throughout his career. This track record combined with his visionary approach will be invaluable as we advance the company’s corporate strategy.”
Philip McHugh added, “I am truly honoured to become part of the Paysafe story. Paysafe has built an incredibly unique payments business that is scaled, diverse, highly specialised and frankly hard to beat. The opportunity to continue to invest in, and leverage Paysafe’s differentiated payments assets, as well as identify new areas of growth while working with a highly focused and energised team, is a very exciting one. I look forward to meeting the team and helping to take Paysafe to the next level of growth and scale.”
Meanwhile, in his new role as Vice Chairman of the company’s board, Leonoff will continue to be closely involved in the development of Paysafe’s corporate strategy. Leonoff founded Paysafe, originally Optimal Payments, in 1997 and has held the position of President and CEO since 2008. During his tenure as CEO, Paysafe has delivered consistent top and bottom-line growth and successfully introduced innovative new payments solutions to the marketplace including its range of digital wallets and online cash solutions. In 2018 it achieved record global transactional volumes of US $85 billion.
Stuart Harvey added, “Joel is a true entrepreneur and has taken this business from humble beginnings as a Canadian start-up to a global payments provider serving millions of merchants and consumers around the world. We would like to thank him for his terrific contribution over the years and we look forward to continuing to work closely with him as Vice Chairman of our board.”
Joel Leonoff said, “I congratulate Philip on his appointment and look forward to working with him on the transition. I am confident that under his leadership Paysafe will continue to prosper long into the future. It has been an incredible honour to lead Paysafe and I am very grateful for the commitment and hard work of our people and their passion for creating a truly pioneering payments company.”