Paul Waltz is the new CEO of electronic funds transfer network Shazam, replacing the retired Michael Hollinger.

The Des Moines, Iowa-based Shazam first hired Waltz 2013, and named him chief operating officer in 2014 as part of a succession planning strategy. He's spent more than 30 years working with community financial institutions in Iowa, including First American Bank in Fort Dodge, where he was COO. During that time, Waltz also served on Shazam's board.  

One of Shazam's major strategic initiatives has been to work with MasterCard and Visa to deploy debit applications needed to comply with the Durbin amendment.  Shazam has also developed new technology to enhance person to person payments.

"Paul recognizes the technical strengths that Shazam has long demonstrated and is determined to maintain these," said Tim Kintner, chairman of Shazam's board of directors in a Sept. 8 press release. "He's brought a strong focus on building relatinships and delivering excellent customer service to the financial institutions Shazam serves."

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