GGRAsia – Michael Mahan new president of Crane Payment Innovations

Michael Mahan new president of Crane Payment Innovations

Jun 21, 2024 Newsdesk Industry Talk, Latest News

Crane NXT Co, a maker of products including ones for the gaming sector, has announced the appointment of Michael Mahan (pictured) as president of its Crane Payment Innovations (CPI) business, effective from July 8. Mr Mahan will report directly to Aaron Saak, president and chief executive of Crane NXT, the firm said in a Thursday announcement.

In his role Mr Mahan will be responsible for “the CPI growth strategy, accelerating innovation, and leveraging the Crane Business System to drive continuous improvement and operational excellence,” stated the company.

Most recently, Mr Mahan served as senior vice president of the transactional & edge line of business of the secure power division at Schneider Electric. He previously worked at GE Appliances and GE Energy.

Crane NXT also said that Kurt Gallo, senior vice president and interim president of CPI, had “made the decision to retire from the company”.

Mr Gallo will retire in February 2025 in order to “ensure a smooth transition of leadership to Mr Mahan”, stated the firm. Mr Gallo “will also help in leading several key projects focused on accelerating the company’s growth strategy,” it added.

In Thursday’s press release Mr Saak said of newcomer Mr Mahan: “Michael brings a wealth of experience to this role, having driven innovation and research and development portfolios to accelerate growth within large multinational organisations and leaders in the industrial technology market”.

“Michael’s leadership and proven track record of successful new product introductions will help him succeed in the role and enable CPI to unlock value in new and existing markets,” added the CEO.

Mr Mahan said in prepared remarks that there was “tremendous potential across the entire business” of Crane NXT.

He added: “I am looking forward to partnering with the CPI leadership team to build upon the company’s strong foundation of driving business excellence and incredible spirit of entrepreneurship and innovation.”

Crane NXT reported net sales of US$313.6 million for the first quarter of 2024, a 4.7-percent decline from the prior-year period. The group’s CPI business recorded first-quarter net sales of US$209.0 million, down 6.6 percent year-on-year. The segment’s operating profit stood at US$52.7 million.

In May, Crane NXT stated it was increasing its full-year 2024 guidance on sales performance by between 5 percent and 8 percent following the US$270-million acquisition of OpSec Security Group Ltd,.