eConnect announced the restructuring of its senior management team including the resignation of Chairman and Chief Executive Officer Thomas S. Hughes and the appointment of Christopher A. Jensen, 43, as Acting CEO. The Company noted that Mr. Hughes, who served as Chairman and Chief Executive Officer of eConnect since 1999, has no further role in the management or operation in the Company following his resignation. Mr. Jensen has served as an adviser to eConnect and has been a key contributor to the development of eCashPad, the Company’s proprietary full service Point of Sale (POS) terminal that facilitates secure Internet transactions from the home.
Prior to his appointment as acting CEO, Mr. Jensen provided marketing strategies and investment capital for several early stage companies. He has also served on the Board of Directors of ESP Electronics for the past ten years. Earlier in his career, Mr. Jensen spent 16 years with Pfizer Pharmaceuticals, a Fortune 100 company. During his years with Pfizer, Mr. Jensen was one of the leading sales managers, overseeing, hiring and training more than 200 employees and winning prestigious recognition awards for his performance.
“eConnect is a unique company with outstanding technology,” stated Christopher A. Jensen, Acting CEO of eConnect. “Our system represents a major milestone in remote commerce because it battles credit card fraud and has the potential to save billions of dollars in charge backs and processing costs for merchants. I look forward to bringing my years of experience to eConnect and building a strong, stable and profitable company,” he said.
The Company also announced today the appointment of Gilbert Serrano, 45, to the new position of Acting Chief Operating Officer.
Mr. Serrano joins eConnect with more than twenty years of experience. He currently serves as President of 2animate.com, Inc., a developer of multimedia solutions. Prior to 2animate.com, Mr. Serrano spent five years with Walt Disney World as manager of retail operations and then manager of sports merchandise planning and development. From 1985 to 1994, Mr. Serrano was Chief Executive Officer of Sun-Gill Industries, a manufacturer of children and adult sportswear. During his tenure at Sun-Gill, Mr. Serrano oversaw the operations of a company with six divisions, over 300 employees and sales of more than $20 million annually.
Commenting on his new role with eConnect, Mr. Serrano said, “I am extremely pleased to be a part of eConnect. Each year companies spend tens of millions of dollars on fraud prevention technology yet the rate of Internet credit card fraud is skyrocketing. eConnect has the only solution that guarantees credit card issuers and processors that a card is present at the time and point of purchase. I am excited about the opportunity to bring this revolutionary system to the mainstream market and to participate in its growth.”
eConnect Inc. is focused on delivering next-generation e-payment solutions. The Company develops proprietary hardware, software and transaction-processing services and believes that hardware-originated transactions are the future of Internet commerce and will benefit both the customer and the merchant. For more information, see [www.econnectholdings.com]