CPI Card Group Inc., which makes chip-enabled credit cards, has named a new CEO.

The Littleton-based chip-card maker (Nasdaq: PMTS) tabbed Scott Scheirman, who currently sits on the company's board of directors, as president and CEO. He replaces Steve Montross, who announced his retirement plans five months ago.

Scheirman takes over when the company is struggling: Last month, the company announced a second-quarter loss and declining revenues. Three months earlier, citing a lower demand for the smart chip cards that it makes, it announced another quarterly loss.

On Wednesday, its shares opened trading at $1.12; a year earlier, they were trading at more than $6.

Read more at the Denver Business Journal: http://bit.ly/2y8WNrg