USA Technologies Inc., a cashless payment services and software platform for unattended devices, has named a new CEO and president, a new CFO and some new board directors, the company announced in a press release.

Donald W. Layden, Jr., has been named chief executive officer and president, effective immediately. He will continue to serve as a director on the USAT board of directors but will step down from his role as executive chairman, a role he has served since November 2019 and as interim CEO since October 2019. 

Michael Wasserfuhr has been named chief financial officer, effective immediately. He most recently served as a principal and founder of Michael Wasserfuhr Business Transformation Llc., providing strategic, finance and operational consulting services for fintech companies. Wasserfuhr previously served as CFO at a number of companies in the payment industry, including most recently Ingenico North America, Worldpay US and Vesta Corporation.

Kelly Kay and Sunil Sabharwal were appointed to the board as independent directors, effective immediately. Kay is currently chief finance officer of the Toyota Research Institute. She previously served as vice president of business operations at Lyft. Sabharwal served as the U.S. alternative executive director to the International Monetary Fund, and previously served as senior vice president for strategic investments for First Data Corporation, as well as managing director for financial services and healthcare at GE Equity, a division of GE Capital. Sabharwal has also been named non-executive chairman of the board.

The board has nominated Lisa Baird, Ellen Richey and Anne Smalling to stand for election as part of the company's slate of nominees at the 2020 annual meeting of shareholders. Baird, Richey and Smalling are nominees named as part of the proxy solicitation commenced by Hudson Executive Capital, one of the company's shareholders.

Steven D. Barnhart, Joel Brooks and William J. Reilly, Jr., have resigned from the board, effective immediately.

The USAT slate of director nominees will include Layden, Baird, Kay, Richey, Sabharwal, Smalling, Robert L. Metzger, Patricia A. Oelrich, William J. Schoch and Ingrid S. Stafford. In total, the USAT slate of nominees will comprise 10 individuals, nine of whom would serve as independent directors, and eight of whom will have been appointed since April 2019.

"We believe that the proxy contest commenced by HEC is unnecessary given the far-reaching change that has been made across the company and in the composition of the board," Layden said in the press release. "With that said, we recognize the impressive credentials of Anne, Lisa and Ellen and believe they would add real value to the company. We hope that by naming these three individuals as USAT board nominees, we can provide an avenue for HEC to take due credit for helping to refresh the board and return to constructive engagement with USAT."