His CFO is not leaving it’s MPS/CPTS CFO.
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His CFO is leaving after only a few weeks on the job. Who’s next in SK’s world??
Without examples of him treating people poorly a lot of this sounds like sour grapes.
You clearly never dealt with him. Every interaction with him was and is miserable. He treats people terribly. Not many unhappy about him leaving. Whether or not it was forced, I don’t care and he will retire with millions. But his legacy of treating people like sh-t will live on
These are unfair comments, SK is just like the rest of the people who were kicked out of USB by incompetent managers, he and they all deserve better. Would give GK and AC 18 months to find suitable merger partners, and at that point the entire MC turns over anyways. Juice the stock price and they all walk away happy.
You would think SKs disciples of incompetence and no growth leadership would be removed as well, from all indications, the One U.S. Bank scriptures have devastated any measurable performance enhancements in SKs payments division metrics, resulting in jobs, careers and economic opportunity being planted outside of the country which issued this bank a national charter a long time ago. While the rest of the payments industry enjoys 15 - 18 percent annual growth, SKs payments performance includes flushables like Avvance and Paze, $70 - $80 million in fines to the Fed, OCC and the CFPB and a business line shedding employees, relationships and shareholder value faster than the express elevator down from the executive washroom at Nicolette Mall.
It's not "who's next" - this set the stage for Q4 clawbacks and defunding for next year, meaning whole groups may be impacted.
No, really who is next? Anyone know? Things are so bad even high level execs mouths are dropping open lately in shock.
Bad US based leaders? That’s laughable. The one thing SK got right was putting all of those Elavon know-nothings in their place, as their regard for complying with regulations was severely lacking and they clearly can’t read an income statement. What Elavon people never understood was that they don’t exist as an entity without being underwritten by USB, and there are people high up in the bank who have questioned the value of Elavon from day 1. Every large bank has a merchant processor, it’s not a business that Elavon invented nor have they perfected it. Most large banks don’t talk about merchant processing as much as USB though because they have purer plays in the actual banking market that are far more profitable and reliable (investment banking and large scale commercial lending).
People need to understand that SK had picked 2025 as a retirement year when he started with the bank. There’s nothing to see here…move along.
You underestimate the fact that US Bank is not as good as it thinks in this space. And has downgraded what was a good POS platform for payments. Bad US based leaders, hypocrites in technology and just a bunch of muggles .
Pushed out definitely to retire. They were letting go of many this week he’s just at a high level so they gave him an option to retire vs being fired duh.
Shailesh, is this you? @1wql+1u7BHIAq
Never liked the guy but is Gunjan any better? Doubt it. She will bring another consultant that will ruin lives.
2 of the 5 big ones left to go, yes.
It makes sense for the senior leadership team at Elavon to feel the impact of SK’s departure. Poor decisions by Jamie W in the last couple of years will surely catch up to him and his minions. Clean house and get ready for the hammer that will dropped by Gunjan- this lady will not play around and allow what’s been happening for years now.
For all the id--ts out there who can’t read an email, he’s at the bank until mid-2025, he’s not fired, he’s leaving on his terms.
Co-signing on the Kroger card thing, but, the one thing that the CFPB never asked about was third party relationships. Wells did it in broad daylight. USB used Kroger employees making minimum wage to mislead people into credit cards that helped SK’s career.
SK destroyed a once admired money making machine called Elavon by making it function like a bank instead of a nimble payments processor, losing sight of the basic mission. The Avvance BNPL solution is performing at 1 percent of projections with tens of millions in costs hidden from regulators in the Elavon ledger should never have been launched, trying to run the company from Europe makes no sense and customers know it, signing a referral agreement with WorldPay and BillTrust is a breach of fiduciary duty hiding more costs in the Elavon ledger, need to clean house at the top of Elavon or sell what is left of the portfolio before it gets raided and picked clean by other much larger acquirers and processors, two trips by the payments kingdom to the Fed, OCC, CFPB woodshed and more could be coming, SK wore out his welcome and should have been tossed in 2018.
SK is the first to go but hearing credible rumors there will be clean outs in the support areas, mainly risk and finance. Jodi and Terry could end up being announced on the same day…holy cow!
More leaders in Payments and then the dominos will start falling for other leaders. Changes in Terry's area next?
SK’s departure is just the tip of the iceberg signaling deeper issues within Elavon’s leadership. Over the past two years, Jamie Walker’s decisions have increasingly jeopardized the company’s stability, culminating in the loss of a seasoned CRO who was unable to align with Walker’s vision.
Unfortunately, the leadership brought in under Walker’s tenure, particularly Owen and Tackett, lacks both payments experience and effective leadership skills. Their disingenuous approach has done little to inspire confidence or support among their teams, further compounding the challenges the company faces.
@dux+1u7BHIAq
Infinitely better than GK, and at least a little bit humane.
@dux+1u7BHIAq you almost sound like GK. To paraphrase you from an all-staff call ... was it before or after alcohol that you feel this way?
SK was an excellent executive who did a great job expanding the bank's footprint. Unfortunately, we know that his replacement is another McKrook alumni.
Let’s be honest though, dude wasn’t a nice man, he was mean, spiteful, and extremely vain. He cared about himself and brought in the minions who could make him look good and talk about how good he is. He has hurt the bank in a lot of ways and made some cheap and short sighted decisions that the bank will pay for over the years to come. He represents the absolute worst kind of executive, just a nasty personality.
Got pushed out
Here comes the axe
Who knows what will be left
Rumors Jodi might be next. Senior leadership had an offsite last week and there were a number of embarrassing, catty incidents between her and others.
"He was not pushed out. He objected to GK being his boss."
That's how you get pushed out in corporate America
Shailesh was in Atlanta when the news broke. The changes will happen down from him across payments/Elavon
He was not pushed out. He objected to GK being his boss. Others in that group can’t stand her so watch for more people to go.
Say Who will be gone soon
GK listed him among quite a few others that she wanted to eliminate. I’ll bet money he was pushed out the door.
Don't be naive. He was pushed out. This is the same as the old bs line whree it gets announced that someone "left to spend more time with family" or "decided to take early retirement". It means they're fired.
As I read that email announcing his retirement, I was wondering if he was pushed or if it was his decision.
I also wondered if this was the first Shailesh heard of it.
Interesting that the email came from both AC and GK.
5 more at least.