MINNEAPOLIS (AFX) - MoneyGram International Inc., a global payment services provider, said Thursday Robert H. Bohannon will resign as chairman effective Dec. 31.
Bohannon, chairman since 1996, will also give up his board seat on that date.
The company named Phil Milne, president and chief executive, to the additional post of chairman. Milne has been president and chief executive officer of MoneyGram and its predecessor, Travelers Express, since 1996.
Separately, the company said Monte E. Ford will join its board of directors. He is senior vice president of information technology and chief information officer for AMR Corp., the parent company of American Airlines. Ford's term will expire at MoneyGram's annual stockholder meeting in May 2008.
The company also said its board approved on odd-lot program letting shareholders who own less than 100 shares to either purchase enough shares to reach 100 or to sell all their shares. The program is for shareholders as of Aug. 21 and will be administered through Georgeson Shareholder.
Additionally, MoneyGram declared a regular quarterly dividend of 4 cents per share, payable Oct. 2 to shareholders of record Sept. 15.
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