8-K
Western Union CO (WU)
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported): January 20, 2023 |
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THE WESTERN UNION COMPANY
(Exact name of registrant as specified in its charter)
| Delaware | 001-32903 | 20-4531180 |
|---|---|---|
| (State or other jurisdiction<br>of incorporation) | (Commission<br><br>File Number) | (I.R.S. Employer<br>Identification No.) |
| 7001 East Belleview Avenue | ||
| Denver, Colorado | 80237 | |
| (Address of principal executive offices) | (Zip Code) | |
| (866) 405-5012<br><br>(Registrant’s telephone number, including area code) | ||
| --- | ||
| N/A | ||
| --- |
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.01 Par Value | WU | The New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | ☐ |
|---|---|
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | |
| --- | |
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of<br><br>Certain Officers; Compensatory Arrangements of Certain Officers. |
| --- | --- |
(c) and (e)
On January 25, 2022, The Western Union Company (the “Company”) announced that Matthew Cagwin, Interim Chief Financial Officer of the Company, has been appointed as Chief Financial Officer of the Company, effective January 20, 2023 (the “Appointment Date”).
Mr. Cagwin, age 47, joined the Company in July 2022 as Head of Business Unit Financial Planning and Analysis. He has served as Interim Chief Financial Officer since September 2022. Prior to joining the Company, Mr. Cagwin served as Senior Vice President, Chief Financial Officer – Merchant Acceptance of Fiserv, Inc. / First Data Corporation from 2018, and as Senior Vice President, Corporate Controller and Chief Accounting Officer of First Data Corporation from 2014 to 2018.
Effective upon the Appointment Date, Mr. Cagwin’s compensation arrangements will include (i) an annual base salary of $525,000, subject to merit increases, (ii) an annual incentive award target opportunity under the Company’s Senior Executive Performance Incentive Plan at 100% of base salary, and (iii) an annual long-term incentive award target grant date fair value under the Company’s 2015 Long-Term Incentive Plan of $2,150,000, effective for the Company’s 2023 annual equity grants. Mr. Cagwin will also become a participant in the Company’s Executive Severance Policy.
There are no arrangements or understandings between Mr. Cagwin and any person pursuant to which Mr. Cagwin was appointed as Chief Financial Officer. There is no family relationship between Mr. Cagwin and any director or executive officer of the Company. There are no actual or proposed transactions between Mr. Cagwin or any of his related persons and the Company that would require disclosure under Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934, as amended.
On January 25, 2023, the Company issued a press release regarding the foregoing matter. The press release is attached hereto as Exhibit 99.1.
| Item 9.01. | Financial Statements and Exhibits. |
|---|---|
| Exhibit<br><br>Number | Description of Exhibit |
| --- | --- |
| 99.1 | Press Release issued by The Western Union Company on January 25, 2023. |
| 101 | Inline XBRL Document Set for the Cover Page from this Current Report on Form 8-K, formatted as Inline XBRL |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| THE WESTERN UNION COMPANY | ||
|---|---|---|
| Dated: January 26, 2023 | ||
| By: | /s/ DARREN A. DRAGOVICH | |
| Name: | Darren A. Dragovich | |
| Title: | Vice President and Assistant Secretary |
EX-99.1
Exhibit 99.1
Western Union Appoints Matthew Cagwin as Chief Financial Officer
DENVER, January 25, 2023 – The Western Union Company (NYSE: WU) today announces the appointment of Matthew (Matt) Cagwin as Chief Financial Officer (CFO), effective January 20, 2023. Cagwin had served as the Company’s interim CFO since September 2022.
“Matt is a talented finance executive with broad knowledge of payments and financial service,” said Devin McGranahan, President and Chief Executive Officer of Western Union. “His in-depth knowledge and experience will be a valuable asset to our company as we focus on the execution of our strategy.”
Cagwin joined Western Union in July 2022 as Head of Financial Planning and Analysis and was appointed interim Chief Financial Officer two months later following the departure of the former CFO. Prior to Western Union, Cagwin served as Senior Vice President, Chief Financial Officer – Merchant Acceptance of Fiserv, Inc./ First Data Corporation from 2018, and as Senior Vice President, Corporate Controller and Chief Accounting Officer of First Data from 2014 to 2018. Prior to joining Fiserv/First Data, Cagwin spent 10 years at Coca-Cola Enterprises in various roles, with his last three years as Vice President, European Controller and Strategic Initiatives, based in London. He started his career in public accounting at Arthur Andersen and KPMG.
“Western Union is at a pivotal inflection point, having presented our vision for growth and transformation during our recent Investor Day,” said Matt Cagwin. “I am honored to lead our global finance organization as we seek to drive sustainable value creation.”
Cagwin’s appointment adds to the new bench of talent Western Union has assembled over the course of the past year as the Company executes on its ‘Evolve 2025’ strategy.
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About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and approximately 130 currencies. We connect consumers, businesses, financial institutions, and governments through one of the world’s widest reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and a substantial global network of retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information, visit www.westernunion.com.
WU-G
Contacts:
Media Relations:
Claire Treacy
media@westernunion.com
Investor Relations:
Tom Hadley
WesternUnion.IR@westernunion.com