CAB
Payments Holdings PLC
23
February 2024
CAB Payments Holdings
plc
("CAB
Payments", the "Company" or the "Group")
Chief Executive Officer
Transition
CAB Payments, a market leader in
business-to-business cross-border payments and foreign exchange,
specialising in hard-to-reach markets, today announces that Bhairav
Trivedi, Chief Executive Officer (CEO), will be succeeded by Neeraj
Kapur, following publication of the FY23 Financial Results on 26
March 2024 and subject to regulatory approval. Neeraj will
join CAB Payments immediately.
Bhairav has led the Company through
a period of significant structural change, transformed CAB Payments
into a market leader and positioned it for the next phase of
growth. The Board would like to express its sincere gratitude
to Bhairav for the leadership he has provided over the last three
years.
Bhairav will support a smooth
transition of responsibilities to Neeraj and has agreed to then
take on a new role within CAB Payments as Senior Adviser to the
Board. In this role, Bhairav will lead the Company's push
globally to build increasingly strong relationships with central
banks, regulators, current and prospective strategic customers, and
other senior industry participants.
Neeraj has more than 20 years of
experience in senior operational and finance leadership roles in
retail, corporate and SME banking; he was most recently Group Chief
Financial Officer of Vanquis Banking Group plc (formerly Provident
Financial plc) where he helped guide the company through a period
of significant industry and business change. Neeraj is a
qualified Chartered Banker and Chartered Accountant, qualifying
with Arthur Andersen 30 years ago.
Ann Cairns, Chair of the Board,
said:
"On behalf of the Board, I would
like to thank Bhairav for his commitment and contribution, which
has positioned the Company as a leader in its field. Under
his leadership the Company more than doubled its revenue. I
am delighted Bhairav has agreed to continue to represent, advise
and support CAB Payments going forward.
The Company remains committed to
serving our loyal customer base and gaining new customers across
Europe and the US. We look forward to expanding our network
and capabilities and entering new FX and payments markets across
the world.
The Board very much welcomes Neeraj
to CAB Payments as our incoming CEO. He is a seasoned finance
professional and proven leader who brings a wealth of experience to
this role. We are confident CAB Payments will continue to
flourish and grow under his leadership, as he executes our strategy
to deliver long term value for all our stakeholders."
Bhairav Trivedi, CEO,
commented:
"It has been an honour to lead CAB
Payments over the last few years and I am extremely proud of what
we have achieved. The Company has expanded and deepened its
customer base and presence globally and set out clear priorities to
extend our FX and payments capabilities, further diversify our
customer base and expand the number of markets we serve. I
look forward to helping Neeraj get up to speed on CAB Payments, and
continuing to leverage my experience, skills and network to further
benefit the Company in this highly exciting and growing
sector."
Neeraj Kapur commented:
"I am extremely excited by the
opportunity to lead the highly skilled and talented CAB Payments
team, as the Group enters the next phase of its development.
CAB Payments has both a very proud history and exciting future
growth plans. I look forward to updating all our stakeholders
on our progress in due course."
In line with its announcement
released on 16 January 2024, CAB Payments continues to expect total
income for 2023 to be approximately 25% above the prior year.
The Company will provide additional detail on performance in 2023
at its next scheduled update on 26 March 2024.
This announcement contains inside
information for the purposes of article 7 of the Market Abuse
Regulation (EU) 596/2014 as amended by regulation 11 of the Market
Abuse (Amendment) (EU Exit) Regulations 2019/310. With the
publication of this announcement, this information is now
considered to be in the public domain.
Neeraj Kapur was a Director of
Provident Financial plc / Vanquis Banking Group plc from May 2020
to August 2023, and of Secure Trust Bank plc from April 2011 to
March 2020. There is no other information to be disclosed
under Listing Rule 9.6.13 in relation to Neeraj.
Notes To Editors:
Neeraj Kapur is an experienced
banker and bank CFO, with more than 20 years of experience in
senior leadership roles in retail, corporate and SME banking.
He also held main Board and Executive Director roles in Secure
Trust Bank plc, that was listed on the LSE in 2016, and most
recently was CFO of FTSE 250 Vanquis Banking Group plc (previously
named Provident Financial plc). He is a qualified Chartered
Banker and Chartered Accountant, qualifying with Arthur Andersen 30
years ago. Neeraj has a wealth of experience in M&A,
transformation and integration, as well as building
businesses. Neeraj started his career as an RAF fighter
pilot, after attaining his degree in aeronautical engineering from
Imperial College London.
For
further information, please contact:
CAB
Payments Holdings plc
Michael Goldfarb
Kieran McKinney
investorrelations@cabpayments.com
www.cabpayments.com
FTI
Consulting
(Public Relations Adviser to CAB Payments)
Katie Bell -
Katherine.Bell@fticonsulting.com
+44 (0) 7976 870 961
|
Ed Bridges -
Edward.Bridges@fticonsulting.com
+44 (0)
7768 216607