Payzone loses CEO and CFO
16 January 2008 | 2303 views | 0
The Board of Payzone plc today announces that Chief Executive, John Nagle, and Chief Financial Officer, John Williamson, have left the Company.
Payzone's Chairman, Bob Thian, previously Chairman of Cardpoint, will assume executive responsibility for the Company with immediate effect.
The Board wishes to acknowledge John Nagle's and John Williamson's important contributions to the development of the Company, and in particular to the strategic positioning of the business for growth following the merger last year between alphyra Holdings Limited and Cardpoint.
Balderton Capital, Payzone's largest shareholder which owns 40.5% of the shares of the Company, supports the decision of the Board and has agreed not to sell any of its shares in the market for at least six months.
Bob Thian commented: "John Nagle and John Williamson have created a strong platform for growth at Payzone but the Company has now reached a stage of its development where a different set of skills is required. There are a number of excellent managers at Payzone and I look forward to working with them to realise the great potential of this business."