Western Union Co. (WU) announced further changes at its executive levels earlier this week.
The changes include Stewart Stockdale being appointed as the Executive Vice President (EVP) and President of Global Consumer Financial Services; David Yates as the EVP and President for Business Development and Innovation; and Diane Scott as the EVP and Chief Marketing Officer.
The appointments, which are effective immediately, have been bought into action primarily to enhance organizational effectivenes that would enable prompt service to customers.
The new role will require Stewart Stockdale, who joined Western Union a couple of years ago, to enhance the company’s global core consumer money transfer service and the consumer payments business. Yates, in his new role, will be responsible for globally developing Western Union’s electronic and other new age distribution channels such as Account Based Money Transfer, westernunion.com, mobile money transfer as well as the company’s prepaid and stored value programs.
Yet another appointee, Diane Scott will lead Western Union’s strategic global marketing development team and will take care of brand strategy, customer segmentation, customer experience, as well as market research and analytics. She also will also be in charge of corporate communications, corporate social responsibility, and the Western Union Foundation.
These changes reflect a kind of organizational restructuring, aimed at maximizing executive efficiency in order to achieve solid growth in different business units.
In April last year, Western Union’s Board of Directors named Chief Operating Officer Hikmet Ersek to succeed Christina Gold as President and CEO.
Western Union, which competes with Minnesota-based MoneyGram International Inc. (MGI), carries a Zacks #3 Rank that translates into a “Hold” recommendation. Also, over the medium-to-long term, we suggest the investors to maintain a “Neutral” position.
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