| Payzone chairman Thian steps down |
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| Monday, 14 April 2008 | |
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Payzone plc has announced the appointment of a new CEO and an interim CFO.
Mike Maloney has been appointed as chief executive officer and a director of Payzone plc with immediate effect. The group said that Maloney, 44, had an exemplary track record as a senior executive at major corporations for more than 12 years, most recently at British Telecom Ireland where he had been chief operations officer since 2004 until earlier this year. He was executive chairman of Eurocommerce Payment Solutions between 2002 and 2004. The board also announced the appointment of Nigel Bell as interim chief financial officer - which is not a board position - with immediate effect. Bell is currently Payzone's group financial controller. In addition the board announced that Bob Thian has informed the company of his intention to step down from his role as chairman. “Following the EGM held on 10 March and share placing on 20 February, and the appointment of a new CEO, Bob has indicated to the board that he feels this is the right time for him to bring forward his retirement and to allow Mike Maloney and a new chairman to build and develop the new Payzone senior management team,” the Board said. Thian will be retiring from the board and from his position as chairman of Payzone (LSE:PAYZ) with effect from 14 April 2008. Peter Smyth, currently non-executive deputy chairman of the company, has been appointed interim chairman with immediate effect and will lead the search for a new chairman. The board operations committee will be disbanded, with Jerome Misso stepping down from his position as a director of the company with immediate effect. Maloney said, "I look forward to working with the management team and employees of Payzone on optimising the performance of all segments of the business. Payzone has strong market positions throughout the EU and I am confident that these market positions can be developed further to create significant future shareholder value. The management and Board of Payzone are absolutely committed to this task." He added that his first priority as CEO would be to work with Bell to provide shareholders with a trading update on the company. At the request of the company trading on AIM was temporarily suspended on 17 January 2008 following instigation of court proceedings concerning John Nagle, Payzone's former chief executive officer, and John Williamson, Payzone's former chief financial officer. Both Nagle and Williamson were removed as directors of the company following resolutions passed at an extraordinary general meeting on 10 March 2008. The company's shares currently remain suspended and will do so until Payzone makes a full trading update. Related articles
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As the economy hits the most significant downward cycle in 50 years, finance directors must take stock of their companies' remuneration and compensation packages.