Paypoint plc Board And Leadership Changes

 
TIDMPAY 
 
 
   This announcement contains inside information as defined in Article 7 of 
the Market Abuse Regulation No. 596/2014. Upon the publication of this 
announcement, this inside information is now considered to be in the 
public domain. 
 
   20(th) May 2020 
 
   Board and Leadership Changes 
 
   Further to the announcement made on 19(th) March 2020 regarding the 
temporary suspension of the CEO search process, PayPoint plc 
("PayPoint") is today pleased to announce the appointment of Nick Wiles 
as Chief Executive. 
 
   The Board is delighted to confirm this appointment which follows both a 
thorough recruitment search and consideration of the needs of the 
business as it emerges from the Covid-19 crisis.  The Board believes 
that Nick's leadership will provide the business with the clarity, 
stability and continuity required to enable continued progress against 
its' strategic priorities and delivery of a stronger platform for 
long-term growth. 
 
   Nick joined the Board in October 2009 as a Non-Executive Director and 
has been Chairman of the Company for the past 5 years.  Since September 
2019 he has been operating in the capacity of Executive Chairman after 
Patrick Headon stepped down from the board due to ill health. As a 
result of this appointment, Nick has stepped down from the Board of 
Picton Property Income Limited where he was a Non-Executive Director. 
 
   Giles Kerr, currently Senior Independent Director and Chairman of the 
Audit Committee, will take over from Nick as Chairman of the Board and 
Chair of the Nomination Committee. Both Nick and Giles will move into 
their new roles immediately and Giles will continue to carry out his 
chairmanship duties of the Audit Committee until such time as a new 
Chair of the Audit Committee can be appointed. Rakesh Sharma, the Chair 
of the Remuneration Committee, has been appointed Senior Independent 
Director, taking over from Giles with immediate effect. 
 
   PayPoint plc also announces today that Rachel Kentleton is to step down 
from her role as Finance Director. 
 
   Nick Wiles, CEO of PayPoint said "The Board are grateful to Rachel for 
her contribution to PayPoint since 2017.  She has built an excellent 
finance function, delivered a step change in PayPoint's systems and data, 
maintained a strong balance sheet and provided leadership across the 
wider organisation during a significant period of change. She leaves 
PayPoint better-positioned to respond to the current challenges facing 
all businesses. Rachel's step down reflects her desire to further 
develop her career after a successful period at PayPoint, as well as a 
natural transition following the other Board changes announced today. I 
would like to thank Rachel for all the support she has given me and the 
whole PayPoint team wishes her well for the future." 
 
   The Board is pleased to confirm that Alan Dale, currently Head of UK 
Finance, will be appointed as Interim Finance Director and a member of 
the Executive Board. Alan, an ACA qualified finance executive, has been 
with PayPoint in his current capacity for 3 years and has significant 
finance leadership experience having held senior finance roles with 
financial services companies including GE Capital.   Rachel will work 
with Nick and Alan to ensure an orderly handover process and will leave 
the business over the summer when this has been completed. 
 
   Finally, the Board is pleased to announce that Lewis Alcraft, currently 
Chief Commercial Officer, has been promoted to the position of Chief 
Operating Officer with immediate effect and remains a member of the 
Executive Board. Lewis will work closely with Nick to drive the 
operational performance of the business as well as on a number of 
strategic projects. 
 
   Giles Kerr, Chairman of PayPoint, said: 
 
   "Nick is an outstanding leader who has made a significant contribution 
to the business as Chairman and more recently as Executive Chairman, 
providing strong leadership throughout the Covid-19 crisis and with a 
clear plan for the business to adapt and invest to maximise the 
opportunities available as it emerges from the crisis in an increasingly 
competitive environment. I am delighted to appoint him as CEO and the 
Board and I are looking forward to working with Nick, Lewis, Alan and 
the rest of the Executive Board. I would also like to thank Rachel for 
her significant contribution during her time in the business and wish 
her every success in her future career". 
 
   PayPoint plc will announce its results for the year ending 31 March 2020 
on 28(th) May 2020. These results will be consistent with guidance 
previously given to the market. A presentation of the results by Nick 
Wiles and Rachel Kentleton will webcast at 9.30 am 28(th) May 2020 at 
https://corporate.paypoint.com/investor-centre/results. 
 
   There are no further disclosures required for the purposes of Listing 
Rules 9.6.11(2) and 9.6.11(3). 
 
   Remuneration 
 
   Full details of the remuneration arrangements for Nick, Giles and Rakesh, 
which are in line with the current shareholder approved Remuneration 
Policy, will be disclosed in the Directors' Remuneration Report which 
will be published shortly.  Rachel's remuneration arrangements will be 
uploaded to the Company's corporate website in accordance with section 
430(2B) of the Companies Act 2006 at the point she steps down from the 
Board. 
 
   Enquiries: 
 
   PayPoint plc 
Finsbury 
 
   Nick Wiles, Chief Executive (Tel: [phone])            Rollo Head 
(Tel: [phone]) 
 
   -end- 
 
   Attachment 
 
 
   -- Board and Leadership Changes 
      https://ml-eu.globenewswire.com/Resource/Download/028adf3a-e5dd-4a48-a87b-72753f75ee9e 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

May 20, 2020 02:00 ET (06:00 GMT)

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