The Shazam electronic funds transfer network has appointed Paul Waltz as its president and chief operating officer in anticipation of CEO Michael Hollinger's retirement next year.
Waltz has served as executive vice president and chief operating officer at Shazam, which announced his new role at the Des Moines, Iowa-based company's annual shareholder's meeting Aug. 26. Hollinger will remain CEO until his August 2015 retirement. Waltz is in line to succeed Hollinger, but would require board approval when the time comes.
"In this rapidly changing payments industry, it's incredibly important for community financial institutions to have a voice," Waltz stated in a press release. "The Shazam Network has a strong history of advocacy and innovation for the success of our member owners, and it's my intention to leverage that history for an even brighter future for the nation's community banks and credit unions."
Waltz has spent more than 30 years working with community financial institutions in Iowa, most recently with First American Bank in Fort Dodge, Iowa, as chief operating officer. During those years, Waltz held a variety of positions on the Shazam board of directors, including chairman.
"As a long-time community banking executive and Shazam board member, Paul is the ideal leader for the Shazam Network," said Hollinger, who has served as Shazam president and CEO since 2004.
Shazam, founded in 1976, has recently collaborated with other PIN debit networks to address debit routing issues related to EMV chip-based card transactions. Like other independent networks, Shazam agreed this year to work with MasterCard and Visa to deploy the debit applications needed to offer merchants a routing choice as mandated by the Durbin amendment.