NetSpend 2014 Annual Report Download - page 4

Download and view the complete annual report

Please find page 4 of the 2014 NetSpend annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 95

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95

Working together for more than 27 years has
created a bond between Phil and me that has
made the transition a seamless one. We’ve
carefully executed a succession plan and remain
closely aligned when it comes to what it will take
to continue TSYS’ journey as a leading global
payment solutions provider.
We are thrilled to say that 2014 was an incredible
year for not only our company, but also for the
payments industry in general. There could not
be a better time to be a part of this industry,
which is experiencing some of the best growth
rates since the Great Recession.
After decades of being seen as a niche business,
our industry was placed in the spotlight in a very
significant way in 2014. Payments made headlines,
sparked intense debates and resulted in announce-
ment after new announcement, seemingly with
every passing month. As we close the books on a
great year, it has never been more apparent that it
is the payments industry’s time to shine.
This is a moment TSYS has been preparing
for over the course of three decades. We’ve
grown from a behind-the-scenes business
to one that now has the opportunity to interact
directly with merchants and consumers, who
increasingly seek better ways to manage their
businesses and alternative ways to make and
accept payments.
The major stakeholders are also changing, and
the existing boundaries have been redrawn.
A mobile phone can turn a consumer into a
merchant; a group of merchants can become
their own network; a network can set standards
in new technology for financial institutions;
and financial institutions can crowdsource their
next card product with input from consumers.
Collaboration and partnerships are requirements
for survival in this industry, and we believe new
players will work alongside existing ones to
create innovative solutions for the next
generation of payments.
M. Troy Woods
President and
Chief Executive Officer
As your new chief executive officer, it is an honor and a privilege
to join Phil Tomlinson in penning this report. I could not open this
letter without expressing my deep appreciation and admiration
for Phil, a 40-year veteran of the payments industry and TSYS, who
retired as CEO in 2014. His legacy of leadership at TSYS has
culminated in a long list of achievements and accomplishments
that we will benefit from for many years to come.

Shareholders and Friends,
1