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Ipsidy appoints senior Visa executive Phillip Kumnick as new CEO, while Philip Beck will continue as board chairman

The expanded management team will include Philip Broenniman as the company’s new chief operating officer

Visa - Ipsidy appoints Visa executive Phillip Kumnick as new CEO, while Philip Beck will continue as board chairman
Ipsidy said the expanded management team will help the group accelerate delivery of its IDaaS technology, product suite and services

Ipsidy Inc (OTCQB:IDTY) announced on Wednesday that it has appointed finance industry veteran and former Visa Inc (NYSE:V) executive Phillip Kumnick as the company’s new chief executive, while former CEO Philip Beck will continue as chairman of the board.

The New York-based company which operates an Identity-as-a-Service (IDaaS) platform that delivers a suite of secure, mobile, and biometric identity solutions, said Kumnick brings “a wealth of industry experience” to the position, with over 30 years as a senior executive in the payments industry.

Ipsidy said Kumnick’s most recent experience leading Visa’s worldwide acquirer and merchant processing services and his focus as a product owner and developer of Visa’s critical entry into encryption, tokenization and biometric identity services, gives him significant insight on how to further refine Ipsidy’s global platform and product strategy. 

READ: Ipsidy's expanding Identity-as-a-Service portfolio grows revenue, shrinks loss in 1Q

Ipsidy also said that Philip Broenniman will be the company’s new president and chief operating officer. With over 25 years of experience as an investment manager, entrepreneur, and strategic advisor, Broenniman will help maintain the company focus on execution of strategic goals and the delivery of Ipsidy products to the marketplace.

Meanwhile, Beck who has spearheaded Ipsidy since 2017 will continue as the chairman of the board. Beck, who has extensive knowledge of the identity industry and platform operations, “will focus on the strategic vision of the company and how best to deliver on the potential of the Ipsidy technology,” the company said in a statement.

Tom Szoke has also been appointed as the group's chief solutions architect. He has 25 years of engineering, global sales and operations management and will take the lead on the technical aspects of Ipsidy’s sales activities and on ensuring platform solutions are designed to best meet customer needs.

“I am excited about Ipsidy’s future,” Kumnick said in a statement.

“Our IDaaS platform offers tremendous potential for delivering innovative identity solutions. Supporting a range of market segments across both developed and developing markets and from face to face interactions to virtual transactions, our solutions deliver the greater identity certainty that today’s digital world demands. I very much look forward to leading the Ipsidy team on execution of our plan,” he added.

Beck said he was “delighted” that Kumnick had agreed to assume the mantle of day-to-day leadership.

“He brings extensive global experience and depth of knowledge in data security services, technology product management, and platform development,” Beck added.

“I look forward to continuing to work with him to help Ipsidy achieve our goals. We are also very pleased that Phil Broenniman has agreed to assume additional responsibility as we refocus and redouble our efforts to bring our products to the wider market.”

Broenniman said Ipsidy is “well-positioned to deliver innovative identity solutions that allow businesses to grow with reduced risk and greater identity assurance.”

Ipsidy is a dominant player in the crucial multi-factor authentication and identity management space.

Contact the author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

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Price: 0.1 USD

OTCQB:IDTY
Market: OTCQB
Market Cap: $54.67 m
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