Payzone appoints Mike Maloney CEO; names Nigel Bell interim CFO

Source: Payzone

The Board of Payzone is pleased to announce that Mike Maloney has been appointed as Chief Executive Officer and a director of the Company with immediate effect.

Mike has 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 has excellent experience in the payments sector having been executive chairman of Eurocommerce Payment Solutions between 2002 and 2004.

The information required to be disclosed, in accordance with the AIM rules, with respect to the appointment of Mr Maloney as a director of Payzone, is set out in Appendix 1.

The Board also announces the appointment of Nigel Bell, as interim Chief Financial Officer (which is not a Board position) with immediate effect. Nigel is currently Payzone's group financial controller.

In addition the Board announces that Bob Thian has informed the Company of his intention to step down from his role as Chairman of the Company.

Following the EGM held on 10 March and share placing on 20 February, and the appointment today 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. Bob will therefore be retiring from the Board and from his position as Chairman of Payzone with effect from 14 April 2008. The Board would like to thank Bob for his important contribution and commitment to the Company and to its predecessor Cardpoint plc.

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.

Mike 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 ststrong 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.

"My first priority as CEO will be to work with Nigel Bell to provide shareholders with a trading update on the Company."

At the request of the Company trading on AIM was temporarily suspended on 17th 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 Mr Nagle and Mr Williamson were removed as directors of the company following resolutions passed at an extraordinary general meeting on the 10th March, 2008. The Company's shares currently remain suspended and will do so until the Company makes a full trading update.

Comments: (0)