MoneyGram’s CEO has been replaced less than a month after the company confirmed that hackers had stolen vast amounts of consumers’ sensitive information and transaction data, sparking concerns about the security of its customers’ personal details.
On Monday, MoneyGram announced that Anthony Soohoo will assume the role of CEO immediately. Bruce Chalk replaced Alex Holmes, who led MoneyGram as Chief Financial Officer from 2009, then Chief Operating Officer before becoming CEO and Chairman in 2016.
Holmes has agreed to remain an advisor to the corporation’s board of directors.
A representative for MoneyGram told TechCrunch that this development is unrelated to our recent cybersecurity issue. The recent management transition was a culmination of a several-month long process, skillfully guided by the MoneyGram Board of Administrators.
In the same month as its confirmation of a massive cyberattack, Holmes’ removal was made available, coinciding with the revelation that the corporation had lost an undisclosed amount of sensitive customer data in September. The corporation has yet to fully explain the nature of the cyberattack, which. The UK’s financial regulator has confirmed that it had to step in and protect customers’ funds after a major cyberattack on money transfer firm MoneyGram.
Stolen data compromised by MoneyGram includes sensitive information such as names, phone numbers, physical and email addresses, delivery dates, and national identification numbers. MoneyGram revealed that the data breach involved a “limited extent” of sensitive documents, including Social Security numbers, government-issued IDs such as driver’s licenses, utility bills, and bank account information.
The stolen information also includes sensitive data about customer transactions, specifically dates and amounts of money transfers, as well as details related to legal investigations involving certain account holders.
According to MoneyGram, its services reach more than 50 million customers across over 200 countries and territories annually. In 2021, Holmes received government compensation of $6.7 million, according to reports. Despite repeated requests, MoneyGram failed to provide an updated figure for Holmes’ government compensation.
