Global money transfer company MoneyGram recently appointed Anthony Soohoo as its new CEO, a move announced just weeks after confirming a significant data breach compromising customers’ personal information and transaction details.
MoneyGram released a statement on Monday detailing the leadership transition. Soohoo takes over from Alex Holmes, who first joined the company in 2009 and held roles as chief financial officer and chief operating officer before stepping into the CEO and chairman roles in 2016. Holmes will continue to provide advisory support to the board.
Sydney Schoolfield, a MoneyGram spokesperson, clarified that the CEO change was unrelated to the recent cybersecurity incident, describing the transition as a planned process led by the board over the last several months.
The data breach, confirmed by MoneyGram earlier this month, exposed an unspecified amount of customer data following a September cyberattack. Though the exact method of the attack remains undisclosed, it led to a week-long disruption of MoneyGram’s money transfer service. In response to the breach, the U.K.’s data protection authority received a formal report from MoneyGram on the extent of the compromised information.
Among the data potentially accessed by hackers are customers’ names, phone numbers, postal and email addresses, birthdates, and national identification numbers. The breach also exposed a limited set of Social Security numbers and government ID documents, including driver’s licenses, utility bills, and bank details. Additionally, information related to customer transactions, including transfer dates, amounts, and details from some customer accounts under criminal investigation, was reportedly accessed.
MoneyGram has a substantial global presence, serving over 50 million customers across more than 200 countries and territories. The company has yet to fully assess the extent of the breach and continues its investigation.
While the leadership transition has generated some speculation, the company emphasized that the CEO change was in motion prior to the cyber incident. According to regulatory filings, Holmes received approximately $6.7 million in compensation in 2021, though MoneyGram did not provide more recent figures.
With Soohoo at the helm, MoneyGram may focus on reinforcing its security measures as it navigates both the aftermath of the data breach and its global operations.
