Lloyd Dorfman, the current Chairman and Chief Executive, becomes Executive Chairman of the Group. He will continue to work full-time at the company's London headquarters and will focus on the continuing growth of the business and customer acquisition.

Clive Kahn, the current Chief Financial Officer, has been appointed Group Chief Executive. Clive joined Travelex in 1984 and has been instrumental in the development of the Group's strategy. As Chief Financial Officer, he has also been responsible for the Group's Finance, Risk, IT, planning and corporate finance activities. In his new role as Group Chief Executive, Clive will be responsible for the Group's strategy, new projects and acquisitions.

Nicholas Page remains as Chief Operating Officer of Travelex. Both regional and business heads will now report directly to Nick, who will hold overall responsibility for the Group's operating performance.

John Martin will join the Travelex Board as Chief Financial Officer. John is currently Group Finance Director at Hays plc, which he joined in November 2000. During this time, John has been part of the management team which has transformed and refocused Hays as a global leader in specialist recruitment services.

Lloyd Dorfman, Executive Chairman, said: "Following our rapid growth and plans for future development, I have decided that the time has come for the roles of Chairman and Chief Executive to be split. As a 30% shareholder my commitment to and enthusiasm for Travelex is as strong as ever. Travelex is now the world's largest foreign exchange specialist and a global brand. I am confident that Clive will be an excellent Group Chief Executive. He has been with Travelex for more than 20 years and has played a key role in building up Travelex to what it is today.

"I am also delighted to welcome John to the Board. We believe his previous experience will be invaluable to Travelex and look forward to working with him."

Clive Kahn, Group Chief Executive, said: "I am delighted to have been appointed Group Chief Executive. I have been with Travelex for over 20 years and am completely committed to its success. The growth of Travelex over the past decade has been a remarkable success story as the Group has evolved from being an innovative bureau de change operator into a dynamic, diversified worldwide money business.

"We are now looking to expand the business further through organic growth and acquisitions."

John Martin said: "I am excited to be joining the Board of Travelex. Travelex is a great success story and I am looking forward to being a part of it. I have been extremely impressed with Lloyd, Clive and Nick and am delighted to be joining such a successful, dynamic team."