Total System Services, Inc. (NYSE:TSS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On September21, 2017, Pamela A. Joseph, President and Chief Operating Officer of Total System Services, Inc. (“TSYS”), resigned from her positions as President and Chief Operating Officer and as a member of the Board of Directors of TSYS, effective September30, 2017. Also on September21, 2017, effective September30, 2017, the Board of Directors of TSYS elected M. Troy Woods, Chairman and Chief Executive Officer of TSYS, to the additional office of President of TSYS. Mr.Woods previously served as President of TSYS from 2003 until 2016.
In connection with Ms.Joseph’s resignation, TSYS entered into a letter agreement (“Letter Agreement”) with Ms.Joseph on September21, 2017 which provides for a separation payment of $2,275,000 following her separation from TSYS. to the Letter Agreement, Ms.Joseph has agreed to certain non-disclosure, non-competition, non-solicitation and non-disparagement covenants following her separation from TSYS.
| Item 5.02 | Regulation FD Disclosure. |
On September22, 2017, TSYS issued a press release announcing that M. Troy Woods, Chairman of the Board and Chief Executive Officer of TSYS, has committed to remain as Chief Executive Officer of TSYS at least through the end of 2020.
About Total System Services, Inc. (NYSE:TSS)
Total System Services, Inc. (TSYS) is a payment solutions provider that provides services to financial and nonfinancial institutions. The Company’s segments include North America Services, Merchant Services, NetSpend and International Services. The Company also provides processing services, acquiring solutions, related systems and integrated support services to merchant acquirers and merchants. In addition, it provides general purpose reloadable (GPR) prepaid and payroll cards, and alternative financial service solutions to the underbanked and other consumers. The Company’s Merchant Services segment provides third party processing services to merchant acquirers and Independent Sales Organizations (ISOs) mainly in the United States. The Company’s NetSpend segment provides GPR prepaid debit and payroll cards, and convenience checks. The Company’s services and solutions include Issuing Services, Acquiring Services, Prepaid Solutions and Merchant Solutions.