Western Union has said that Hikmet Ersek has assumed the role of president and CEO as part of the company's succession plan.

Ersek will also serve on the company’s board of directors and succeeds Christina Gold, who will be retiring.

Prior to his promotion as president and CEO, Ersek held the role of Western Union’s chief operating officer (COO). He was responsible for all of Western Union’s business units around the world and the company’s operations and marketing functions.

Ersek also previously served as executive vice president and managing director for the Europe, Middle East, Africa and Asia Pacific region.

Ersek said that the company has world-class team and an unparalleled agent network and brand.

“We must continue to focus on our strengths and expand our products and services to ensure we deliver superior value to our customers and shareholders,” Ersek said.