NORTH AMERICA WINNER:

Craig Fuller TransCard

CEO Insight... Q

What are your most current company?

Over the past 3 years, I have positioned TransCard as the leading provider of prepaid services to financial institutions. We used to identify ourselves as a company in an interesting market- we now identify ourselves as the company developing an interesting market.

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How did you do that?

We failed a lot at first. We then learned from our failures, pivoted, and identified the things that were resonating with customers.

What education or prior experience helped you succeed at your current

company?

The first few years at TransCard were challenging. We were like a kid in paint store. Lots of fun and interesting things to play with- with very little focus or direction. It was a mess. It nearly killed us. We then decided to focus on a single objective- owning a market vertical and being the best at that market segment. We now have over 220 banks as customers, up from 1 in 2010.

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What lessons did you learn on your way to becoming a CEO?

Customers will pay a huge premium if you solve a problem for them.

What lessons have you learned as a CEO?

If your team doesn’t support you, you will fail. They must have your back and have confidence in your leadership.

What are the key success factors for a CEO?

Never give up and surround yourself with a team of folks that are fully committed to the success of the company.

important professional achievements at your

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If they aren’t

passionate about your company, you need to look elsewhere.

What are the key challenges for a CEO?

Keeping a team motivated and on target, while still challenging conventional thought.

How did you overcome those challenges?

Don’t hire a nice resume. Hire someone that you can get excited about working with each day.

How do you manage the relationship with your Board of Directors?

Communicating the opportunities and issues in the business. When there is a problem, inform them, but also have a plan on how it will be solved.

What do you look for in your successor?

Passion and Authenticity

Do you admire another CEO or a leader (current or historical)? Why?

Genghis Khan- he took a small band of herdsman and conquered millions. I like the thought of a small up-start with very few natural resources conquering the most successful and powerful empires in those days.

How do you manage organizational politics, and conflicting personalities,

interests, and views?

We empower our people to make decisions on how to execute their jobs. If we don’t trust them, we need new people. This part is clear on the outset.

How do you balance and manage various stakeholders’ interests?

We communicate that our goal is to build the leading provider of prepaid services to financial institutions. Every decision we make is based on whether this helps us achieve that goal.

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How do you describe your leadership style?

Evangelistic. I am our biggest cheerleader, but I also have a tendency as to get highly offended by people that are doing things to hurt our company or not helping the cause.

How do you compete in a global business environment?

We want to dominate the US market. Once we have that accomplished, we will consider other markets.

How do you compete in a recession?

Constant innovation. Customers will pay for things that solve problems and in recessions they are looking for providers that deliver more value for less cost. We are positioned well to benefit.

How do you see the future of your industry?

Its an exciting time. The convergence of payment, social, and mobile is exciting. It’s a chance for new companies, such as TransCard, to take on highly established players.

What advice would you give to policy makers to help the economy and your

business?

There needs to be a balance between regulatory oversight and innovation. Don’t try to regulate markets until you properly understand them.

Contact: Craig Fuller

CEO – TransCard

Email: Cfuller@transcard.com Website: www.transcard.com

USA

54 Finance Monthly CeO AwArdS 2013