CPI Card Group Announces President and CEO Scott Scheirman Intends to Retire in 2024 Board to Implement CEO Succession Plan

CPI Card Group Inc. (Nasdaq: PMTS) (“CPI” or the “Company”), a payment technology company and leading provider of credit, debit and prepaid solutions, today announced that Scott Scheirman has informed the Board of Directors of his intention to retire as President and Chief Executive Officer.

Scheirman will continue to serve as President and Chief Executive Officer until a successor is named and intends to retire from the Company effective February 28, 2024, providing ample time for the selection of a successor and a smooth transition of leadership. CPI’s Board of Directors has a succession plan in place to identify and evaluate candidates and expects to name a new CEO in late 2023 or early 2024. In retirement, Scheirman plans to spend more time with his family and return to volunteer work with community organizations focused on helping kids.

Scheirman, 60, joined CPI’s Board in October 2016 and was named President and CEO in October 2017. Since that time, Scheirman and the leadership team have led the development and execution of a customer-centric strategy that delivered significant growth and market share gains and a substantial increase in shareholder value. Customer relationships were strengthened and expanded by delivering market-leading quality; developing and launching innovative products, including eco-focused payment cards made with a recovered ocean-bound plastic core; expanding services such as SaaS-based instant issuance; and providing robust debit, credit and prepaid debit payment and personalization solutions.

“On behalf of the Board of Directors, I would like to express our extreme gratitude to Scott for his strategic thinking, leadership and significant contributions in transforming the Company and establishing CPI as a market leader in the U.S. payments space,” said Valerie Soranno Keating, Chair of the Nominating and Corporate Governance Committee. “During Scott’s tenure the Company has delivered shareholder returns which have significantly outpaced the market and he leaves CPI in a strong competitive position, with an outstanding leadership team that is well prepared to build on the success achieved over the last several years.”