Pam Patsley – A Billion Dollar Company Chairman And An Inspiration for Every Women Entrepreneur
The start-up culture has spread like a wildfire in recent years. With many potential entrepreneurs in the run, an American businesswoman is creating big news. Well, it is transparent to the world that female participation is comparatively lesser in the business world. Undoubtedly there are many women out there struggling hard to break the walls of patriarchy and emerge out. But, the world needs more such passionate women.
Pam Patsley famous as the Chairman or I would rather say Chairwoman of MoneyGram is a powerful American businesswoman. She is known as one of the highest-paid woman executives around the world.
Early Life
Born into a family of schoolteachers, Pam turned her ordinary life into something beyond challenging and thrilling. In 1957, Pam was born in St. Louis, Missouri. She went to the University of Missouri to complete her graduation. Pam was determined to contribute to the financial world and so she acquired a bachelor’s degree in accounting.
Early Career
Pam’s career officially started in 1979 in Dallas, Texas. This year, she joined KPMG as an accountant. Once she stepped into the financial world, she realized money wasn’t everything that pulled her into it. Money was a big factor but accepting the challenge and building a team became bigger.
After serving KMG for six long years, Pam started working as the chief financial officer of First USA Inc. Success started accelerating and she became the president and CEO of Paymentech. In 1999, First Data Corp acquired the company which led Pam to become the president of First Data International. She left the company in October 2007.
Something Bigger
After she left First Data in 2007 she wasn’t much engaged in the acreage of the financial domain. She fled to Paris and took a semi-leave from the corporate world. Pam was working on some of her own business when something way better landed right in front of her.
Thomas Lee Partners (investor of MoneyGram international) and Goldman Sachs offered Pam to take full control of the empire. In 2007, MoneyGram went through some serious financial crisis right after which THL and Goldman Sachs became the company’s investors. They found Pam well-fitted for the job and offered her the helm.
In January 2009, Pam joined MoneyGram as the chairman of the company. After a few months, she became the CEO of the company as well. MoneyGram is the world’s one of the largest non-banking money transfer company. After Pam joined the company, she rolled over its future completely.
Success of MoneyGram
After Pam started leading the company, the headquarters shifted to Dallas, Texas. Initially, the company’s future seemed bleak. But, it all changed with time. In the year 2010, the company’s annual revenue summed up to $1.17 billion. This helped it repay some of the debts.
After a couple of years, it lost a few partnerships; shares fell about 70% and had to close some call centers. So, the company finally decided to restructure itself to cut costs. In 2015, MoneyGram created a widespread agent network in Africa. MoneyGram reached 25,000 new locations. By this time, MoneyGram’s services reached to 191 countries.
Pam’s views on Indian Market
Since the day Pam started working for MoneyGram, she wanted to expand the network. According to her, a giant network can assure a more efficient transfer of money. Pam, in an interview, said that she has seen great potential in the market of Middle-East and Asian countries.
Pam said India provides one of the biggest markets for MoneyGram. She also said that in terms of recipients no other country has beaten India so far. India is a unique country and MoneyGram would focus more on building a strong agent base.
Why outside the US?
Well, according to Pam it is all about the senders and the recipients. So, why not expand to countries which have a potential of becoming the largest markets for MoneyGram. Pam saw Malaysia as a great start for the expansion business which eventually led her to the Asian market.
Saudi Arabia became the second largest sent market just within two years of doing business there. Apart from India and Malaysia in India, Bangladesh, Nepal and Sri Lanka proved to be of great importance.
Personal Life
Pam married Gary who is a retired chief financial officer of First USA Bank, Texas. They have a son, Philip. Pam has no trouble balancing her personal and corporate life as her husband takes care of the family very well.
Annasha Dey is an NIT student, who apart from studying engineering is also a content writer. She has a great interest in photography, writing, reading novels, and travelling as well. She is a foodie who loves socializing and hanging out with her friends. She is also a trained Kathak dancer and a big fashion enthusiast. Dey also loves watching TV series, which includes F.R.I.E.N.D.S. and Big Bang Theory. To be a better writer she prefers to read more