MoneyGram appoints Gary W. Ferrera as CFO

“I am thrilled to join a leader in the international movement of money, especially amid such an exciting chapter of growth and transformation for MoneyGram.”

MoneyGram has appointed Gary W. Ferrera as Chief Financial Officer to lead all aspects of finance, accounting, tax, and treasury, reporting directly to Alex Holmes, MoneyGram Chairman and CEO.

Gary W. Ferrera’s extensive international financial expertise includes nearly two decades as a CFO, primarily with publicly traded companies. He most recently served as CFO of Driven Brands, the largest automotive services company in North America. Prior to that role, he served as CFO of both Skillsoft and Cardtronics. Ferrera succeeds Larry Angelilli, who recently announced his retirement.

“A leader in the international movement of money”

Gary W. Ferrera commented: “I am thrilled to join a leader in the international movement of money, especially amid such an exciting chapter of growth and transformation for MoneyGram. I look forward to working with the MoneyGram team as we continue to take bold, strategic action to achieve our goals.”

Alex Holmes, MoneyGram Chairman and CEO, stated: “We are very excited to welcome Gary to the MoneyGram team. An accomplished CFO with global experience across several sectors, Gary’s dynamic leadership style and ability to adapt quickly will drive innovative business and financial decisions. We look forward to working with Gary to advance our strategic roadmap and long-term growth.

“We thank Larry for his immense contributions to MoneyGram during his tenure of more than 12 years with the company. He has been an incredible partner and leaves a great legacy through the team and foundation he’s built here at MoneyGram. We wish him all the best in his retirement.”

Last year, MoneyGram announced Seth Ross as Chief Digital Officer to lead the firm’s direct-to-consumer business and global digital strategy. Seth Ross joined MoneyGram from Ceridian, where he was General Manager of Dayforce Wallet and Consumer Services. At the human capital management firm, he provided the vision and leadership for the company’s consumer app that enables on-demand access to wages. He helped to successfully extend the platform into new business-to-consumer markets around the world. His career includes leading the Banking-as-a-Service business of Green Dot Corporation as well as multiple executive roles at American Express. Ross also worked as a strategy consultant for nearly a decade.

MoneyGram announced a non-custodial digital wallet in 2023. This new wallet seeks to empower its global consumer base by utilizing stablecoin technology. The primary objective is to facilitate seamless transitions between fiat and digital currencies. With this digital wallet, users can convert their digital assets to fiat at any participating MoneyGram outlet, enhancing the utility of their digital holdings. In addition, users can effortlessly transfer digital assets to other wallet users.

The standout feature of this digital wallet is MoneyGram’s decision to implement its renowned global compliance screening for all wallet users, setting a new industry standard. This new digital wallet operates on the Stellar network, incorporating MoneyGram’s fiat services within the Stellar ecosystem. The development credit for this wallet goes to Cheesecake Labs in collaboration with MoneyGram.