Rick Weller
About Rick Weller
Rick L. Weller is 67 and has served as Executive Vice President and Chief Financial Officer of Euronet Worldwide (EEFT) since November 2002; he is a certified public accountant with a B.S. in Accounting from the University of Central Missouri . Following the CoreCard–Euronet merger, he was appointed a director of CoreCard (CCRD) and became its President effective October 30, 2025 . CoreCard’s pay-versus-performance disclosure shows cumulative TSR moving from 35.64 to 58.51 and net income from $3.4 million to $5.4 million over 2023–2024, indicating recent operational improvement; these figures inform pay-for-performance alignment review during his initial tenure as a CCRD director/executive .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ionex telecommunications, inc. | Chief Operating Officer | 1999–2001 | Led operations at a local exchange company; relevant to scaling operational/financial controls |
| Pivotal Associates | Sole Proprietor (Business Development) | Jan–Oct 2002 | Business development leadership prior to joining EEFT |
| Euronet Worldwide | EVP & Chief Financial Officer | Nov 2002–present | Long-tenured CFO overseeing global payments growth and capital allocation |
External Roles
| Organization | Role | Years | Scope/Notes |
|---|---|---|---|
| Euronet Worldwide (EEFT) | EVP & CFO | 2002–present | Senior officer of CCRD’s acquirer; compensation, equity and employment terms governed by EEFT |
Board Service at CCRD
- Appointed as a director of CoreCard and simultaneously became President at Effective Time of the merger on October 30, 2025 .
- Committee assignments not disclosed in the 8-K; CCRD historically operated Audit, Compensation and Nominating & Governance committees with independent directors, but the board composition was reset at closing .
- Dual-role implications: As EEFT’s CFO and CCRD’s President/director, independence concerns and potential conflicts can arise (e.g., transaction oversight, related-party decisions), warranting scrutiny of committee placement and recusal practices .
Fixed Compensation
Euronet Worldwide compensation (Rick Weller is an EEFT NEO; CCRD-specific executive pay for Weller was not disclosed as of his appointment date).
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $500,000 | $500,000 | $550,000 |
| Target Bonus (% of base) | 125% (AIP target) | 125% (AIP target) | 125% (AIP target) |
| Actual Annual Incentive ($) | $825,000 | $1,250,000 | $1,375,000 |
| Stock Awards Grant-Date FV ($) | $1,582,979 | $1,582,968 | $2,000,048 |
| Option Awards Grant-Date FV ($) | $1,582,979 | $1,582,934 | $2,000,016 |
| Total Compensation ($) | $4,933,053 | $4,927,910 | $5,936,489 |
Performance Compensation
Annual Incentive Plan (AIP) – Euronet Worldwide (EEFT)
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Adjusted EPS (constant currency) | 100% of AIP | $8.25 (target) | $8.70 (achieved) | $1,375,000 (250% of base salary) | Cash; paid for FY performance |
| Threshold / Max schedule | n/a | $7.90 (62.5% of base) / $8.65 (250% of base) | n/a | n/a | n/a |
Equity Programs – Euronet Worldwide
- Mix: Performance-based restricted stock and stock options, with progressive equity allocation at higher responsibility bands; realizable values for NEO cohorts have been materially below grant-date values due to non-achievement of performance goals and stock price trajectory, indicating strong alignment and downside exposure for executives .
- Recent vesting/realization: Weller realized value on option exercises of $1,272,106 and on stock vesting of $1,341,983 in the period disclosed .
Equity Ownership & Alignment
| Item | Value | Notes |
|---|---|---|
| Beneficial Ownership (EEFT) | 717,078 shares; 1.6% of outstanding | Includes 435,477 shares issuable via options exercisable within 60 days of March 17, 2025 |
| Options – exercisable (EEFT) | Multiple tranches, e.g., 200,000 (11/5/2020, $98.46), 28,365 (12/10/2019, $154.28), etc. | See full outstanding awards table for grant dates, strikes, expirations |
| RS/PS awards – unvested (EEFT) | e.g., 1,727–19,198 unearned shares across 2021–2024 grants | Performance-conditioned; market value and counts disclosed |
| Pledging/Hedging | EEFT policy prohibits pledging; exceptions rare; Weller had no pledged shares; hedging prohibited | |
| Ownership Guidelines | EEFT guidelines formally apply to CEO and non-exec directors; NEO ownership multiples disclosed – Weller at ~134x salary |
Employment Terms
Euronet Worldwide employment agreement governs Rick Weller; indefinite term, standard “cause”/“good reason” definitions, non-compete/non-solicit, confidentiality, with severance mechanics and change-in-control provisions.
| Scenario (as of 12/31/2024) | Base Salary ($) | Unvested Equity ($) | Benefits ($) | Total ($) | Trigger Type | Key Terms |
|---|---|---|---|---|---|---|
| Termination without cause / constructive termination | 1,100,000 | 2,139,394 | 22,850 | 3,262,244 | Single-trigger | 24 months base salary; continued vesting/exercise rights; continued health/life benefits |
| Change in control | 1,473,446 | 6,965,647 | 34,275 | 8,473,368 | Double-trigger (incl. good reason) | Immediate vesting of all equity; agreement term fixed at 3 years; lump-sum base salary for remaining term (≥2 years) discounted at 7.5% |
Additional terms:
- “Cause” tightened post-CIC (only felony dishonesty for personal enrichment at company expense) .
- Non-compete/non-solicit apply during severance period; severance conditioned on compliance .
Related CCRD Director/Executive Compensation Context
- CCRD NEO compensation in 2024 emphasized straightforward cash salary, periodic bonuses, and time-based restricted stock grants (e.g., 8,125 shares granted 2/12/2024 vesting 2/12/2027; 3,621 shares granted 10/11/2024 vesting 10/10/2027) for CEO Strange and CFO White; no corporate non-equity incentive plan and no options re-pricing, indicating conservative pay design .
- Non-employee CCRD directors received $50,000 cash plus $50,000 in stock (3,600 shares) with no committee chair fees in 2024; this may change post-merger given board reset .
Performance & Track Record Indicators
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| CoreCard Cumulative TSR (Initial $100) | 74.66 | 35.64 | 58.51 |
| CoreCard Net Income ($mm) | 13.9 | 3.4 | 5.4 |
Weller’s long tenure as EEFT CFO (since 2002) suggests deep expertise in global payments finance and investor communications, with recent EEFT filings signed/certified by Weller under Sarbanes-Oxley, reflecting responsibility for disclosure controls and internal control over financial reporting .
Compensation Structure Analysis
- Shift toward equity + performance linkage at EEFT: Weller’s 2024 compensation mix is weighted to long-term stock/option awards ($4.0 million grant-date value vs. $1.375 million cash incentive), with realized values historically below grant values when goals/stock appreciation are not met, confirming alignment and risk sharing .
- AIP is single-metric (EPS) driven with steep payout curve (up to 250% of base), a potent motivator but sensitive to capital allocation and accounting judgments; 2024 achieved max payout off $8.70 constant-currency EPS .
- No evidence of option re-pricing or tax gross-ups; hedging/pledging restrictions in place (Weller no pledges), reducing misalignment risk .
Risk Indicators & Red Flags
- Dual role post-merger (EEFT CFO; CCRD President/director): governance independence considerations for CCRD oversight and potential related-party dynamics with parent/survivor entity .
- CIC acceleration substantial: immediate vesting plus multi-year salary lump sums can create event-driven liquidity, though policy alignment is standard for EEFT executives .
- Ownership concentration: Weller beneficially owns 1.6% of EEFT with significant option exposure; no CCRD ownership disclosure as of his appointment date; pledging not permitted (no pledges for Weller) .
Equity Ownership & Vesting Schedules (Detail)
| Award Type | Grant Date | Quantity | Strike / Terms | Expiration / Vesting |
|---|---|---|---|---|
| Stock Options (EEFT) | 11/5/2020 | 200,000 | $98.46 | 11/5/2030 |
| Stock Options (EEFT) | 12/10/2019 | 28,365 | $154.28 | 12/10/2029 |
| Stock Options (EEFT) | 12/12/2018 | 30,951 | $111.45 | 12/12/2028 |
| RS/PS (EEFT) | 12/12/2023 | 1,727 unvested; 15,543 unearned | Performance/market-conditioned | As per plan footnotes |
| RS/PS (EEFT) | 12/6/2022 | 1,754 unvested; 14,030 unearned | Performance/market-conditioned | As per plan footnotes |
| RS/PS (EEFT) | 12/7/2021 | 8,362 unvested; 1,194 unearned | Performance/market-conditioned | As per plan footnotes |
Employment Terms (Narrative Highlights)
- Indefinite-term agreement; termination without cause yields 24 months salary, continued equity vesting/exercise rights and benefits; post-CIC, equity vests immediately and term fixed for 3 years with lump-sum base salary for remaining term or minimum 2 years .
- Non-compete/non-solicit in severance period; severance conditioned on compliance .
Investment Implications
- Alignment: Heavy performance/equity mix at EEFT and substantial personal ownership (1.6%) support shareholder alignment; realized equity values below grant-date when goals not met reduce windfalls and indicate robust downside participation .
- Event sensitivity: CIC terms deliver immediate vesting and significant lump-sum cash; any strategic transactions at CCRD/EEFT could bring accelerated vesting and near-term selling pressure as awards settle, though Weller is subject to insider and anti-hedging policies .
- Governance: Dual-role (EEFT CFO; CCRD President/director) increases related-party and independence considerations for CoreCard governance—monitor committee assignments, recusal policies, and disclosure quality in CCRD post-merger filings .
- Retention risk: Severance economics are competitive; AIP’s steep payout curve (up to 250% of salary) plus ongoing long-term equity likely sustain retention, but market underperformance lowers realizable equity values, which can cut realized pay and heighten retention risk if opportunities arise elsewhere .
Sources: Euronet 2025 10-K and 10-Q certifications and DEF 14A; CoreCard 2025 DEF 14A and post-merger 8-K.
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