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- EML Payments (EML) appoints Kevin Murphy as interim CEO following the resignation of Managing Director and CEO Emma Shand after nine months
- The company also outlined new operational priorities, a global search for a permanent CEO and the start of a strategic review
- The four new operational priorities are remediation, cost optimisation, target growth in core businesses and talent retention
- EML’s shift in focus follows a share price decline of more than 80 per cent over the past year
- However, EML shares are on the rise today, up 17.4 per cent and trading at 67.5 cents at 1:00 pm AEST
EML Payments (EML) has appointed Kevin Murphy as interim CEO following the resignation of Managing Director and CEO Emma Shand, who led the company for nine months.
After its share price plummeted more than 80 per cent over the past year, the company has outlined new operational priorities, kicked off a global search for a permanent CEO and announced the start of a strategic review.
EML said the appointment of Mr Murphy signified one of its new initiatives designed to reposition the business. The company said it marked an “important” first step toward solving the challenges impacting EML today.
The company said Mr Murphy was an experienced payments executive who would take on the role of interim Group CEO until a permanent chief was found.
In the past, Mr Murphy has served as Managing Director of Bank of Ireland (cards business), and he has an understanding of the global payments industry, with significant regulatory experience. He also has been involved in several successful business turnaround scenarios for private equity funds.
The EML board acknowledged that while it commenced a search for a permanent CEO, Mr Murphy would be considered for the permanent role.
The company said outgoing CEO and Managing Director Emma Shand would remain with the company for a short transitional period through to July 17, 2023.
In a bid to move away from EML’s previous long-range strategy, the company also announced four key priorities to address the challenges it faces today. These include remediation, cost optimisation, target growth in core businesses and talent retention.
The company will also conduct a strategic review of the business. It said the review would aim to maximise shareholder value.
“We are focused on doing the right thing by our people, customers, regulators and shareholders and we are committed to taking actions that will help the business move through its immediate challenges, deliver sustainable growth in the medium- to long-term and maximise value for shareholders,” EML Chairman Luke Bortoli commented.
Investors have responded well to EML’s change in director after having watched the company report fraudulent activity and UK regulator concerns over the past year.
EML shares were on the rise today, up 17.4 per cent and trading at 67.5 cents at 1:00 pm AEST.
