UK payments processor VocaLink has apppointed David Yates from Western Union as its new chief executive, taking over from Marion King who steps down after nine years at the helm.
Yates joins VocaLink from Western Union where he was president of business development and innovation and responsible for overseeing its electronic channels, prepaid, global top-up and loyalty businesses. Yates also spent six years at First Data, latterly as president of First Data International.
He takes over his new posting at VocaLink in January.
Sir John Gieve, chairman of VocaLink, says: "David's appointment comes at a significant time in the company's growth. He brings extensive business development experience that will support our future objectives."
In announcing the appointment, VocaLink appears to be drawing a veil over the achievements of incumbent chief Marion King, who steered the company from its previous incarnation as bank-owned back office clearing operation Bacs, through to its merger with the Link Interchange network in 2007.
King's reign at VocaLink saw the ACH introduce the Faster Payments programme for the UK banking industry and a failed multi-million pound bet on the development of a range of Sepa processing services which was canned in August.