MoneyGram has appointed CEO W. Alexander Holmes to the additional role of chairman of the global money transfer and payment services company's board of directors. 

"Today's announcement is the final step in our previously announced succession plan, resulting in a well-deserved additional role for CEO Alex Holmes," Chair of Human Resources J. Coley Clark said in a press release. "MoneyGram has benefitted greatly from the outstanding and dedicated leadership of Alex and his team."

Holmes, who will officially serve in his new role beginning next month, will fill retiring board member Pamela Patsley's seat on the MoneyGram Board. 

"We have developed an incredibly talented team at MoneyGram, and I have been honored to work alongside them for the past nine years," Patsley said in a statement. "Today, MoneyGram is well-positioned as a leader in global payment transfers, and continues to execute its strategy to accelerate digital revenue growth, strengthen its capital structure, and improve profitability. I am confident in the future of the company under Alex's dedicated leadership."