Paymentus’ announcement of its CFO pick comes less than a month after it handed a severage agreement to Seamon.
If Seamon were terminated under certain qualifying terms and without cause, the agreement provided that he would continue to be paid his base salary and health care premiums for six months after leaving the company. Seamon’s annual base salary was $335,000, according to an employment agreement filed with the SEC in November.
At the time, the company in an email to CFO Dive stated that the agreement was a formality and not an indication of a plan for Seamon to leave the company, by choice or termination, nor was it indicative of any decision regarding the CFO search process.
But the severance agreement’s timing, coming roughly five months after Seamon took the interim role, suggested it was a sort of retention strategy signaling that he would be compensated for sticking it out, Shawn Cole, president of the boutique executive search firm Cowen Partners, previously told CFO Dive. Most internal interim CFOs typically want to retain the seat permanently and that agreement was likely the board’s effort to avoid losing Seamon, he said.
Paymentus has been adding bill payment partners to its roster, announcing in January it was partnering with Green Dot to expand its cash bill pay capabilities, Industry Dive sister publication Payments Dive previously reported. In 2020 the company announced its collaboration with Walmart to let customers pay their bills in Walmart stores and on the retailer’s mobile app.
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Shawn Cole is a serial entrepreneur and executive leader with over 15 years’ experience founding and running successful companies. Shawn’s business career has been centered on value creation for both turnarounds and startups.
Shawn is President and Co-Founder of Cowen Partners, a national CFO executive search firm focused on the key elements of a successful business: sales, marketing, and finance. Business clients across the country trust Cowen Partners to take their companies to the next level by finding them executive talent, such as a CEO, CFO, COO, Chief Revenue Officer, and Chief Marketing Officer. Clients are both small and large, publicly traded, pre-IPO, private, and non-profit organizations, typically $50 million to multi-billion dollar revenue Fortune 1000 companies or have assets between $1 billion and $15 billion.
An active participant in the business community and startup space, Shawn Co-Chairs The Cowen Partners Venture Fund which provides seed funding and early stage investments, focusing on market disruptors in niche markets, community businesses, and minority entrepreneurs.
Shawn attended Oregon State University’s College of Business Austin Entrepreneurship Program and participated in a first-of-its-kind experiential entrepreneurship experiment at Weatherford Hall. He was also a Founding Member and President of Oregon State University’s Students in Free Enterprise, an international non-profit organization working with university students who want to positively change their communities and learn practical knowledge to become socially responsible business leaders.
At the age of 16 Shawn became a volunteer firefighter and EMT, eventually founding and managing a half marathon to raise funds for the community. To date, the marathon is still a success and has raised over one million dollars benefiting the community.