Sear joined the Group as Chief Commercial Officer in August 2014, having previously led two different divisions of Travelex and most recently held the position of CEO of Weve. Siegfried Heimgaertner, who has been CEO since June 2012, will assume a position on Skrill Group's Global Advisory Board, providing strategic direction to the company. During his time with Skrill Group, Heimgaertner completed both the acquisition of paysafecard and the sale of a controlling stake in Skrill to CVC Capital Partners.

Peter Rutland, senior managing director of CVC Capital Partners, comments, "With his extensive experience of the payments industry David is an outstanding choice to lead Skrill Group. His vision for the business combined with Skrill Group's world-class leadership team makes me confident that Skrill will continue its strong growth path."

David Sear adds, "The payments market continues to undergo massive change and innovation as businesses and consumers become more digital and mobile. Over the last thirteen years Skrill and paysafecard have built strong products to meet the complex needs of their customers and I look forward to us continuing that proud record of innovation. Our aim is to make payments even safer, easier and more mobile, ensuring that every customer and transaction counts. I look forward to working with the fantastic teams across the Group and with our shareholders to deliver great products that customers need in this evolving world of digital transactions."

Siegfried Heimgaertner concludes, "It's been a pleasure to lead the development of Skrill Group over the last few years. The acquisition of paysafecard has taken the company into new markets and the sale of the Group to CVC enables continued investment to meet the needs of our customers. With the new leadership team now ready to take the company even further, the business has a great opportunity to lead in the rapidly growing payments market and I look forward to working wking with the company as a strategic advisor."