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, a global money transfer service provider, said Thursday that Robert H. Bohannon would step down as chairman and member of the board effective Dec. 31, 2006.

In a statement, the company said that its board approved Phil Milne as chairman, president and chief executive officer of MoneyGram, effective Jan. 1, 2007.

Milne had held the post of president and chief executive officer of MoneyGram and its predecessor, Travelers Express, since 1996.

The company's stock closed down 3 cents, or 0.1% Thursday$30.92, .

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