Luup CEO leaves as management shifts to London

Luup CEO leaves as management shifts to London

The chief executive of mobile payments outfit Luup, Thomas Bostrøm Jørgensen, has left the firm amidst moves to shift senior management positions from Oslo to London.

Jørgensen's role is taken on by chief financial officer Ian Bastow on an interim basis while a permanent replacement is sought.

Bastow says Luup has made a strategic decision to house the executive team in London following the adoption of a new business model last year which saw the firm dump consumers in favour of working with strategic partners. It has since struck deals with Deutsche Bank and Moneygram.

The move to relocate management has claimed two major scalps. Bastow himself only joined Luup nine weeks ago, replacing an Oslo-based predecessor and has now been charged with the acting-CEO role. He refutes suggestions that Jørgensen, who became chief executive in 2006, was forced out, saying his predecessor chose to stay in Norway.

In an unrelated development, the company's chief legal compliance officer, David McElroy, is also leaving to take up a similar role at travel site

Bastow praised Jørgensen and McElroy, telling Finextra that the pair have "done an enormous amount" to successfully take the firm through its change in business strategy.

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