Dive Brief:

• Money transfer company Western Union announced the departure of its Chief Financial Officer Raj Agrawal, effective Sept. 2. Agrawal has held senior roles in the company’s finance department for 16 years and will take the top financial seat at Arrow Electronics, a technology solutions developer, effective Sept. 6. 
• The 171-year-old Denver-based firm, an iconic name and a one-time pioneer in the telegraphy industry, is “launching an internal and external search” to identify a new CFO and will name an interim successor upon Agrawal’s departure, the company said in an Aug. 16 statement. 
• Bill payment technology company Paymentus also disclosed this week that its CFO, Matt Parson, resigned on Aug. 11 “for personal reasons,” effective Sept. 9, according to a filing with the Securities and Exchange Commission that said there were no disagreements between him and the company.

Dive Insight:

The CFO moves are the latest payments CFO exits in a string of departures in recent months, including at PayPal, MoneyGram, Fidelity National Information Services (FIS) and Shift4. All of the companies are adding new CFOs now amid rising inflationary pressures and higher interest rates.

In the second quarter, Western Union’s revenue fell 12% to $1.1 billion compared to the prior year period, according to an Aug. 3 press release. Net income fell 13% to $194 million, the company said.

Agrawal joined Western Union, originally known for its telegram business in the nineteenth century, as treasurer in 2006. He moved up the ladder to take the top finance seat in 2014, according to his LinkedIn account. Prior to his time at the money transfer company, Agrawal held positions at Deluxe Company, General Mills, Chrysler and General Motors. 

He takes the finance helm of Arrow Electronics with experience in merger and acquisition strategy and global operations. “Raj’s strong financial and business leadership makes him the ideal executive to lead our finance team,” said Sean Kerins, president and chief executive officer of Arrow, in the Aug.16 statement. The Centennial, Co.-based company specializes in distribution of electronic components and computer products. 

At Paymentus, the company promoted Paul Seamon, its vice president of finance and strategy, to the CFO role on an interim basis while it searches for a permanent CFO replacement, the SEC filing said. Days before its CFO shift, the company on Aug. 3 reported a second-quarter net loss of $2.5 million, compared to net income of $575,000 for the year-earlier period. Revenue for the quarter rose 28% to nearly $120 million over the year-ago quarter.

MoneyGram, another money transfer company, swapped former CFO Larry Angelilli for Brian Johnson, effective Sept. 1. The company has recently faced economic challenges and is adapting to a $1 billion acquisition by a private equity firm. They are also fighting a federal probe launched this year.