MoneyGram to Relocate Headquarters to Dallas
MoneyGram International announced Thursday that it will relocate its headquarters from its longtime home in St. Louis Park to Dallas.
The move will take place on November 1, and it will include the transfer of about 75 positions right away, with plans to grow to about 150 positions by mid-2012.
In May, Lynda Michielutti, MoneyGram's director of corporate communications, told Twin Cities Business that the company was in discussions about relocation, and it was considering either Colorado or Texas for the move.
MoneyGram has been headquartered in St. Louis Park since it was founded in 1940 under the name Travelers Express.
Michielutti said in a Thursday phone interview that MoneyGram currently employs about 800 in the Twin Cities at offices in St. Louis Park and Brooklyn Park. She said that no layoffs are currently planned.
“The big message here is that we aren't going to pick up the Minnesota operations and move them to Dallas. That's not going to happen,” Michielutti said, adding that MoneyGram will continue to depend on the foundation of technology expertise in the state. She said that the company is “still evaluating” which positions should be moved from Minnesota to Texas.
MoneyGram CEO Pamela Patsley said in a statement that Minneapolis is a “great city” and has been a “good home” for MoneyGram, and she said that it will “continue to serve as a center of technology and operations excellence” for the company.
MoneyGram-which employs about 2,600 in 23 offices around the world-said that its business is already “well-rooted” in Texas. The state contains the second-largest concentration of MoneyGram locations in the country-3,350-and its proximity to Latin America makes it “an important hub,” the company said.
Michielutti said that the company is also in discussions with the city of Dallas regarding potential economic incentives.
“MoneyGram is a growing, global company with customers and operations around the world,” Patsley said. “We have a new management team in place, thus the time is right to realign our operations and create a new beginning.”
Two MoneyGram executives have left and been replaced within the past year. Chief Financial Officer and Executive Vice President David Parrin resigned in March 2009 for undisclosed reasons and was replaced by Jeffrey R. Woods in July. In September, CEO Anthony Ryan left the company without explanation and was immediately replaced by Patsley, its executive chair.
Patsley serves on the boards of two Texas companies-semiconductor design and manufacturing company Texas Instruments, Inc., based in Dallas, and Dr. Pepper Snapple Group, Inc., based in Plano.
MoneyGram is one of Minnesota's 40-largest public companies based on revenue, which totaled $1.18 billion in 2009-representing a 26.4 percent increase from the previous year.