Steve Montross, who led Colorado chip-card maker CPI Card Group Inc. through its IPO in 2015, is retiring next summer after nine years with the company.

Montross, the president and CEO of the Littleton-based company (Nasdaq: PMTS), will retire from CPI Card Group effective June 30, 2018. The company expects to appoint a successor by Dec. 31, and Montross will stay on in a non-executive role through June to assist in the transition.

CPI Card Group (Nasdaq: PMTS), the largest maker of chip-enabled credit cards in the United States, produces tens of millions of chip cards a year. The company has 1,400 employees at eight locations globally, including 300 at its Littleton headquarters and card production facility.

Montross, who is approaching age 64, said the decision to retire was a tough one. He's has a 40-year career and the last nine with CPI, he said.

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