FSV Payment Systems Announces New CEO

Prepaid Industry Veteran Rick Savard to Lead FSV

HOUSTON--(BUSINESS WIRE)--FSV Payment Systems, Inc., a leading provider of prepaid debit processing and program management services, today announced that Richard (Rick) Savard, 54, has succeeded Jonathan Palmer as FSV’s President and Chief Executive Officer, reporting to FSV’s Board of Directors. Palmer, 67, who has served as President and CEO since October 2005, will remain with the company as a Director. Mr. Palmer will also consult with the company on strategic issues.

Savard has been a member of FSV’s Board of Directors since mid-2009. He previously served as CEO of NetSpend Corporation, a prepaid debit company based in Austin, Texas. Prior to that he held senior positions in marketing and financial services for Macy’s, Inc. in both New York City and in Cincinnati, Ohio.

Palmer offered, “FSV has made significant progress in the past five years, building on the company’s early success and achieving a position of leadership in the prepaid debit industry. Our team delivers outstanding value every day to FSV’s dozens of valued clients and to millions of consumers in the United States who’ve come to rely on prepaid debit to help them manage their money. We’re fortunate that Rick is here to pick up the CEO baton from me and lead FSV on to even more success. I look forward to my continued role as a Director and my new consulting role. I know that Rick will do a great job!”

Savard said, “It's a privilege to join such a great organization. I was pleased when I was invited to join FSV’s Board last year, and since joining I have come to have a greater appreciation for what makes FSV one of the great companies in the prepaid industry. I look forward to joining the management team and building upon their accomplishments to grow FSV's leadership position in the prepaid space.”

Frank Medici, Chairman of FSV’s Board of Directors, stated, “I am delighted with these changes to FSV’s governance structure. Jon Palmer has made a major contribution to FSV’s growth and deserves a great deal of credit for FSV’s excellent reputation in the prepaid industry. Rick Savard brings to FSV absolutely stellar knowledge and experience in prepaid. He inherits the reins of a terrific company, and I am confident that he will be able to lead FSV to the next level.”

About FSV Payment Systems

FSV Payment Systems is a leader in the delivery of prepaid debit program management and processing services. Founded in 1999, the privately held company successfully delivers prepaid card programs for payroll, rebates, loyalty and promotions and general-purpose reloadable cards for retail, gift and healthcare. FSV is headquartered in Houston, Texas, and operates a state-of-the-art client and cardholder service center in Jacksonville, Fla. For more information, visit www.fsvps.com.