Western Union's CFO Scheirman to step down

Thu Nov 14, 2013 4:45pm EST

Nov 14 (Reuters) - Western Union Co, the world's largest money-transfer firm, said Chief Financial Officer Scott Scheirman will be leaving the company, effective Feb. 28.

Raj Agrawal, currently executive vice president, will serve as chief financial officer in the interim from Jan. 1 until a new replacement is found, the company said in a statement.

Scheirman's resignation comes two weeks after the company warned of no earnings growth in 2014 due to higher compliance costs.

In its third-quarter earnings report, the company said it faced new money laundering and fraud prevention measures in countries such as Spain and Britain, and compliance costs would be about 3.5 percent-4.5 percent of revenue.

Western Union has cut prices and invested heavily in its online and mobile business to compete with MoneyGram International Inc, Xoom Corp and Boom Financial Inc.

Shares of the Englewood, Colorado-based company closed at $17.45 on Thursday on the New York Stock Exchange.

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