Ipsidy Inc (OTCQB:IDTY) announced Monday that CEO Phillip Kumnick has been appointed the group's chairman to succeed Philip Beck, who is retiring from the board.
Kumnick joined the board in November 2019, following a career of over 30 years as a senior executive in the payments industry. In May 2020, he was appointed CEO and deputy chairman of the board.
From 2010 to 2018, he was senior vice president, global acquirer processing, at Visa Inc (NYSE:V). Additionally, he led the Visa partnership with the Indian government to integrate biometrics into the payments ecosystem as part of the nation’s Aadhaar initiative.
Over the course of his career, Kumnick was also a key contributor to the design and implementation of many of the industry’s key security functions, including the EMV, PCI, PAR, tokenization, and encryption standards, and helped develop the MasterCard CVC and AVS standards early in his career, while working to combat counterfeit fraud.
Beck became CEO and chairman in January 2017 and led the company through a number of significant changes and milestones in its development. These include the rebranding of the company to Ipsidy and bringing it into compliance to enable its shares to be admitted to the OTCQB market as IDTY.
Ipsidy said Beck’s vision and hiring of the core team enabled the development of the IDaaS Platform and the building of the company’s suite of industry-leading identity products, which are now being rolled out to customers.
“We thank Philip for his tireless efforts, leadership and strategic contributions that have positioned Ipsidy for future success,” Kumnick said in a statement.
“Philip built a strong management team and advanced the Company’s technology and product development. When Philip first approached me to join the Board, I was excited to do so as I saw the Company’s tremendous potential for delivering innovative identity solutions, which are so desperately needed in today’s digital world. I thank the Board for the trust they have placed in me to lead the Company as his successor. We wish Philip well in all his future endeavors.”
Beck said “it has been an honor to lead Ipsidy through a transformative journey to this inflexion point.”
He added: “I am particularly comfortable in passing the mantle to Phillip Kumnick with whom I have worked for almost 20 years and who I am confident will take the Company to the next level. I look forward to the team’s continued successes.”
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