Deluxe Corporation, a Shoreview-based growth utility for small businesses and financial institutions, is getting a leadership change.
Barry C. McCarthy on Tuesday was named the company’s new president and CEO, as well as a board member at Deluxe. He succeeds Lee Schram, who had led the company for 13 years. The two will collaborate on the transition process, with McCarthy slated to take over effective November 26.
McCarthy brings with him extensive executive experience, including 14 years at Atlanta-based financial services company First Data, where he served as executive vice president and head of the network and security solutions division.
“Barry’s exceptional record of developing, expanding and revitalizing businesses that deliver sophisticated solutions to our target markets makes him the ideal leader to drive the next stage of the company’s transformational growth,” said Martyn Redgrave, Deluxe’s non-executive chairman, in a statement.
An an MBA graduate of Northwestern University, McCarthy’s career began at Procter & Gamble, where he first worked in product development, sales and marketing. His accomplishments at First Data and other companies include helping generate $1 billion in total lifetime revenue for First Data through development of optimal point-of-sale terminals; revitalizing First Data’s credit/debit card business and other branches; founding and building a micro-payment company now owned by Digital River; and boosting the profitability of Verisign – a business which was ultimately bought by PayPal – through consolidation of its internet and e-commerce offerings.
At Deluxe, McCarthy will manage the company’s logo design, checks and forms, website design and other business arms that altogether serve nearly 4.4 million small business customers.
Notably, Deluxe’s logo design business has grown in recent months. Earlier this year, Deluxe spent $43 million on LogoMix, an logo design service that also offers business cards, signs and non-digital marketing products.
“I look forward to working with the great Deluxe team to drive innovation and to deliver advanced products and services to support our customers’ growth,” said McCarthy, in prepared remarks. “I have tremendous respect for Deluxe, its incredible customer base, strong corporate values and its highly talented employees. I am excited about the many growth opportunities ahead.”