MoneyGram Payment Systems, Inc. Names Senior Management Team

Business Wire, Dec 17, 1996

SADDLE BROOK, N.J.--(BUSINESS WIRE)--Dec. 17, 1996--MoneyGram Payment Systems, Inc., (NYSE: MNE), which completed its initial public offering (IPO) on December 11, today named a senior management team consisting of executives with extensive backgrounds and ties to the consumer funds wire transfer and related industries.

James F. Calvano, 60, is Chairman of the Board and Chief Executive Officer of the nation's second largest funds transfer company. A former senior executive at American Express and Travelers Corporation, Calvano also served as president of Western Union, the industry's largest company from 1991-93. His corporate experience includes senior positions at Avis Inc. and other major international companies.

John M. Fowler, 47, is Executive Vice President and Chief Financial Officer of MoneyGram. Fowler has held senior financial positions in the past at Travelers Group, Inc.; Warner-Amex Cable and the Reading Company. He will also be a member of the MoneyGram Board of Directors.

Robbin L. Ayers, 44, is Executive Vice President/General Manager International. Ayers, who created the MoneyGram service when it was owned by American Express in 1988, has also held senior management positions with First Data Corporation, Citicorp. and Yankelovich, Skelly and White. He will also be a member of the MoneyGram Board of Directors.

Alan H. Friedman, 50, is Executive Vice President of Operations, having previously held several senior management positions at Western Union and its parent company, New Valley Corp. (1991-96).

Andrea Kenyon, 42, is Secretary and General Counsel, having previously provided legal support to the Company while it was part of American Express, where she was Senior Regulatory Counsel.

Other executives forming MoneyGram's senior management team are: Philippe Duleyrie as vice president of worldwide business development; Jeffrey Katz as vice president of marketing; Isaac Lasky as vice president of Hispanic communications; Stuart Reis as vice president/general manager of commercial services; Charlotte Fick as vice president of human resources; Tom Pratt as vice president of vendor and customer relations; Kenneth Connors as corporate controller, and Robert Kuhnemund as corporate treasurer.

"The depth of experience of the MoneyGram management team in this industry as well as its broad background in consumer marketing, is unparalleled in the electronic funds transfer industry," said Calvano. "These are hands-on executives who understand the competitive nature of consumer industries and the way to anticipate and satisfy consumer needs in order to run an aggressive marketing company."

MoneyGram, which completed an Initial Public Offering on December 11, is a leading non-bank provider of consumer money wire transfer, allowing customers to transfer funds quickly, reliably and conveniently over its worldwide network of nearly 20,000 agents in 85 countries. MoneyGram targets its services to individuals without traditional banking relationships, expatriates who send money to their country of origin, traditional bank customers in need of emergency money transfer services, tourists without local bank accounts and businesses that need rapid and economical money transfer services. The Company also provides cash advance, phone card and ExpressPayment (including payments for revolving credit, time payments and personal loans) through MoneyGram agents locations in the United States.

CONTACT: MoneyGram Payment Systems, Inc.

Gary P. Tobin

(212) 685-7077