Paypoint plc Board And Leadership Changes
May 20 2020 - 2:00AM
UK Regulatory
TIDMPAY
This announcement contains inside information as defined in Article 7 of
the Market Abuse Regulation No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in the
public domain.
20(th) May 2020
Board and Leadership Changes
Further to the announcement made on 19(th) March 2020 regarding the
temporary suspension of the CEO search process, PayPoint plc
("PayPoint") is today pleased to announce the appointment of Nick Wiles
as Chief Executive.
The Board is delighted to confirm this appointment which follows both a
thorough recruitment search and consideration of the needs of the
business as it emerges from the Covid-19 crisis. The Board believes
that Nick's leadership will provide the business with the clarity,
stability and continuity required to enable continued progress against
its' strategic priorities and delivery of a stronger platform for
long-term growth.
Nick joined the Board in October 2009 as a Non-Executive Director and
has been Chairman of the Company for the past 5 years. Since September
2019 he has been operating in the capacity of Executive Chairman after
Patrick Headon stepped down from the board due to ill health. As a
result of this appointment, Nick has stepped down from the Board of
Picton Property Income Limited where he was a Non-Executive Director.
Giles Kerr, currently Senior Independent Director and Chairman of the
Audit Committee, will take over from Nick as Chairman of the Board and
Chair of the Nomination Committee. Both Nick and Giles will move into
their new roles immediately and Giles will continue to carry out his
chairmanship duties of the Audit Committee until such time as a new
Chair of the Audit Committee can be appointed. Rakesh Sharma, the Chair
of the Remuneration Committee, has been appointed Senior Independent
Director, taking over from Giles with immediate effect.
PayPoint plc also announces today that Rachel Kentleton is to step down
from her role as Finance Director.
Nick Wiles, CEO of PayPoint said "The Board are grateful to Rachel for
her contribution to PayPoint since 2017. She has built an excellent
finance function, delivered a step change in PayPoint's systems and data,
maintained a strong balance sheet and provided leadership across the
wider organisation during a significant period of change. She leaves
PayPoint better-positioned to respond to the current challenges facing
all businesses. Rachel's step down reflects her desire to further
develop her career after a successful period at PayPoint, as well as a
natural transition following the other Board changes announced today. I
would like to thank Rachel for all the support she has given me and the
whole PayPoint team wishes her well for the future."
The Board is pleased to confirm that Alan Dale, currently Head of UK
Finance, will be appointed as Interim Finance Director and a member of
the Executive Board. Alan, an ACA qualified finance executive, has been
with PayPoint in his current capacity for 3 years and has significant
finance leadership experience having held senior finance roles with
financial services companies including GE Capital. Rachel will work
with Nick and Alan to ensure an orderly handover process and will leave
the business over the summer when this has been completed.
Finally, the Board is pleased to announce that Lewis Alcraft, currently
Chief Commercial Officer, has been promoted to the position of Chief
Operating Officer with immediate effect and remains a member of the
Executive Board. Lewis will work closely with Nick to drive the
operational performance of the business as well as on a number of
strategic projects.
Giles Kerr, Chairman of PayPoint, said:
"Nick is an outstanding leader who has made a significant contribution
to the business as Chairman and more recently as Executive Chairman,
providing strong leadership throughout the Covid-19 crisis and with a
clear plan for the business to adapt and invest to maximise the
opportunities available as it emerges from the crisis in an increasingly
competitive environment. I am delighted to appoint him as CEO and the
Board and I are looking forward to working with Nick, Lewis, Alan and
the rest of the Executive Board. I would also like to thank Rachel for
her significant contribution during her time in the business and wish
her every success in her future career".
PayPoint plc will announce its results for the year ending 31 March 2020
on 28(th) May 2020. These results will be consistent with guidance
previously given to the market. A presentation of the results by Nick
Wiles and Rachel Kentleton will webcast at 9.30 am 28(th) May 2020 at
https://corporate.paypoint.com/investor-centre/results.
There are no further disclosures required for the purposes of Listing
Rules 9.6.11(2) and 9.6.11(3).
Remuneration
Full details of the remuneration arrangements for Nick, Giles and Rakesh,
which are in line with the current shareholder approved Remuneration
Policy, will be disclosed in the Directors' Remuneration Report which
will be published shortly. Rachel's remuneration arrangements will be
uploaded to the Company's corporate website in accordance with section
430(2B) of the Companies Act 2006 at the point she steps down from the
Board.
Enquiries:
PayPoint plc
Finsbury
Nick Wiles, Chief Executive (Tel: 07768 636801) Rollo Head
(Tel: 0207 251 3801)
-end-
Attachment
-- Board and Leadership Changes
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(END) Dow Jones Newswires
May 20, 2020 02:00 ET (06:00 GMT)
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