CPI Card Group announced on July 1 that Terra Grantham had become its permanent chief financial officer after serving in the role on an interim basis since February. The accompanying SEC filing records the board’s appointment as effective June 29 and says she continues as the company’s principal financial officer. [S1] [S2]
Grantham joined CPI in 2017 and most recently held the senior vice president role for enterprise strategy and growth. Her earlier responsibilities included financial planning, treasury and strategy. Chief executive John Lowe said she would help guide capital allocation and work with business leaders on company-wide transformation, including expansion of the digital business. Those are the responsibilities management describes, rather than a separate new gift-card strategy. [S1] [S2]
CPI participates directly in the gift-card supply chain. Its annual filing describes retail gift cards operating on open- and closed-loop networks, alongside general-purpose reloadable and restricted-network prepaid products. It supplies cards, secure packaging and related services to prepaid program managers that distribute through US retail channels. The CFO’s remit therefore includes a prepaid supplier business as part of a broader payments company. [S3]
The last quarterly results published before the appointment provide a limited view of that business. Prepaid Solutions reported revenue of $22.049 million for the three months ended March 31, 2026, against $26.713 million a year earlier. CPI’s accounting-adjusted comparison puts the 2025 amount at $27.029 million. [S4]
Prepaid supplier revenue before the permanent CFO appointment
CPI Prepaid Solutions, first quarters of 2025 and 2026; results published May 5, 2026.
USD million
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Source
Reported and accounting-adjusted series are alternative views of the same revenue and must not be added. The adjustment is a company non-GAAP measure. This broader prepaid segment includes gift cards and other products; figures are supplier revenue, not card loads, redemptions or an effect of the June appointment.
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| Category | Reported revenue | Accounting-adjusted revenue (non-GAAP) |
|---|---|---|
| Q1 2025 | 26.713 USD million | 27.029 USD million |
| Q1 2026 | 22.049 USD million | 22.049 USD million |
The adjustment reflects CPI’s move from recognizing certain work-in-process orders over time to recognizing revenue at shipment during 2025. The two series show that accounting comparison explicitly. Management attributed the weaker prepaid sales mainly to a strong prior-year comparison for higher-value packaging, partly offset by closed-loop card sales. [S4]
These figures describe the segment within Grantham’s finance remit, not a gift-card-only business or a result caused by making her appointment permanent. They also predate the announcement: the July leadership change is distinct from CPI’s previously reported first-quarter results. [S1] [S4]
For program managers and retailers, the confirmed development is continuity in CPI’s finance leadership. The appointment announcement sets out no new card pricing, redemption conditions, production commitment or prepaid investment budget. Any later change in those commercial terms would require separate evidence. [S1] [S2]
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Oliver Reed
Oliver Reed covers industry acquisitions, investment and market research for Gift Card News.