Paysign Announces Changes to the Board of Directors

Rhea-AI Summary

Paysign, Inc. (NASDAQ:PAYS) announced the resignation of co-founder Daniel H. Spence from its Board of Directors, effective August 8, 2022. He is succeeded by Matthew Lanford, the President and COO, who has extensive experience in the payments industry. CEO Mark Newcomer expressed confidence in Lanford's capabilities to enhance the board's insight. Spence contributed significantly to the company over 21 years, and the transition promises to leverage Lanford's expertise in driving future growth.

Positive

• Matthew Lanford's extensive payment industry experience could enhance strategic decision-making.
• Lanford's familiarity with the company may facilitate smoother board operations.

Negative

• Daniel H. Spence's resignation raises concerns about continuity in leadership.
• Transition of leadership may create temporary uncertainty among stakeholders.

Daniel Spence Resigns from Board and is Replaced by Matthew Lanford

HENDERSON, Nev.--(BUSINESS WIRE)-- Paysign, Inc. (NASDAQ: PAYS), a leading provider of prepaid card programs, comprehensive patient affordability offerings, digital banking services and integrated payment processing, announced today that Daniel H. Spence, co-founder and member of the Paysign Board of Directors, has tendered his resignation as a member of the board, effective August 8, 2022.

The company also announced today that Matthew Lanford, President and COO, has been appointed as a member of the board, replacing Mr. Spence. “Along with the rest of the board, I am confident that Matt is a great choice to succeed Dan as a member of our board,” said Mark Newcomer, Paysign CEO. “He has been in the payments industry more than 30 years and his experience with the company will add valuable insight to the Board. We would like to thank Dan for his many contributions to the company over the past 21 years and wish him the best in his future endeavors.”

About Paysign

Paysign, Inc. (NASDAQ: PAYS) is a leading provider of prepaid card programs, comprehensive patient affordability offerings, digital banking services and integrated payment processing designed for businesses, consumers and government institutions. Founded in 2001 and headquartered in southern Nevada, the company creates customized, innovative payment solutions for clients across all industries, including pharmaceutical, healthcare, hospitality and retail. Built on the foundation of a reliable payments platform, Paysign’s end-to-end technologies securely enable digital financial services and facilitate the distribution of funds for donor compensation, copay assistance, payroll, customer incentives, employee rewards, travel expenses, per diem, reimbursements, rebates and countless other exchanges of value. Paysign’s solutions lower costs, streamline operations and improve customer, employee and partner loyalty. To learn more, visit paysign.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220809006036/en/

Paysign Media Relations

Alicia Ches

Director, Marketing

702.749.7257

pr@paysign.com

Source: Paysign, Inc.

FAQ

What recent leadership change occurred at Paysign?

Daniel H. Spence resigned from the Board of Directors, effective August 8, 2022, and was replaced by Matthew Lanford, the President and COO.

What is the significance of Matthew Lanford's appointment to the board?

Matthew Lanford's appointment brings over 30 years of experience in the payments industry, which is expected to provide valuable insights to the board.

What impact could Daniel H. Spence's resignation have on Paysign?

Spence's resignation could create uncertainty regarding leadership continuity, but the company aims to leverage Lanford's familiarity to maintain stability.