VeriFone Systems (NYSE:PAY) will shortly have a new man in the CEO chair. The company announced it has appointed Paul Galant to the position, in addition to naming him a member of its board of directors, effective October 1. He replaces interim CEO Richard McGinn.

Previous to jumping aboard VeriFone, Galant had been CEO of Citigroup's enterprise payments unit since 2010. Prior to that, he was CEO of the bank's Citi Cards division, and occupied the same position at its transaction services arm.

In an SEC filing, VeriFone revealed that Galant is to be paid an annual salary of $800,000, plus receive a signing bonus of $2.25 million. He will also be eligible for various bonuses and share options. 

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