Location: Malvern, PA
Stephen P. Herbert
Chairman and CEO
REINVENTING THE WHEEL
When Stephen P. Herbert first joined USA Technologies as chairman and CEO, he recognized that the company was sitting on technology that had “tremendous opportunity,” but was operating in a dying field. At the time, the company was in the business of receipt printing, but Herbert decided to pivot and focus on the unattended and self-service retail space. Herbert attributes USA Technologies’ successful growth and reinvention to the intense focus and dedication of his team. “It takes true cohesiveness to stay ahead of the market as a first mover,” he says. Now, the company sees the demand for its product growing as the retail market continues to become more technology-driven, and Herbert says the team is ready to meet that demand.
Quick Tip: “What you do when times are tough makes a difference for the company and contributes to the character of the team you build.”
As a fast-growing public company, USA Technologies finds itself dealing with a few challenges. “As CEO, you have to find the balance between short-term focuses and long-term goals, along with making the decisions that will keep Wall Street happy,” says Herbert. For USA Technologies, this has meant finding ways to post reasonable margins and returns, while maintaining progress toward long-term objectives. To do this, Herbert, again, relies on his team. “I truly believe that USA Technologies and its people are the best, achieve the most and pave new paths because they believe in their mission and are incredibly motivated to achieve their goals,” he says.