Dive Brief:

• Money transfer company Western Union announced the departure of its CFO Raj Agrawal, effective Sept. 2. Agrawal has held senior roles in the company’s finance department for 16 years and will take the top financial seat at Arrow Electronics, a technology solutions developer, effective Sept. 6. 
• The 171-year-old Denver-based firm, an iconic name and a one-time pioneer in the telegraphy industry, is “launching an internal and external search” to identify a new CFO and will name an interim successor upon Agrawal’s departure, the company said in an Aug. 16 statement. 
• The change is the latest high profile payments CFO move: execs from PayPal, MoneyGram, Fidelity National Information Services (FIS) and Shift4 all appointed new CFOs earlier this month amid rising inflationary pressures and interest rates.

Dive Insight:

Agrawal joined Western Union, originally known for its telegram business in the nineteenth century, as treasurer in 2006. He moved up the ladder to take the top finance seat in 2014, according to his LinkedIn account. Prior to his time at the money transfer company, Agrawal held positions at Deluxe Company, General Mills, Chrysler and General Motors. 

The finance executive takes the finance helm of Arrow Electronics with experience in merger and acquisition strategy and global operations. “Raj’s strong financial and business leadership makes him the ideal executive to lead our finance team,” said Sean Kerins, president and chief executive officer of Arrow, in the Aug.16 statement. The Centennial, Co.-based company specializes in distribution of electronic components and computer products. 

MoneyGram, another money transfer company, swapped former CFO Larry Angelilli for Brian Johnson, effective Sept. 1. The company has recently faced economic challenges and is adapting to a $1 billion acquisition by a private equity firm. They are also fighting a federal probe launched this year.  

In the second quarter Western Union’s revenue fell 12% to $1.1 billion compared to the prior year period, according to an Aug. 3 release.