The finance chief of London-listed fintech CAB Payments has stepped down after almost a decade at the foreign exchange and cross-border payment firm.
Richard Hallett was named the CFO and executive director of CAB Payments and its subsidiary Crown Agents Bank in 2016, during which he oversaw, among other things, the company’s initial public offering in 2023.
The fintech debuted on the London Stock Exchange with a share price of 310p, which tumbled 80% within weeks to make it the worst IPO of the year.
“It has been a privilege to serve as a member of the leadership team at CAB Payments since its acquisition in 2016, and I am proud of the positive difference CAB has made in developing parts of the world during this time,” said Hallett.
“I am confident CAB will continue to progress from the very solid foundations we have built and I wish every success to the exceptional team of people and colleagues I leave behind.”
The departure of the CFO comes just a year after the resignation of former CEO Bhairav Trivedi.
CAB Payments chair Ann Cairns added: “We would like to thank Richard for his commitment and enormous contribution to the Company’s development over the last nine years. He has played a key role in transitioning the business from private to public ownership; a tremendous achievement. We wish him the very best for the future.”
Hallett’s resignation comes a month before the company is expected to release its results for 2024.
In 2023, CAB Payments posted a post-tax profit of £23.9m, 29% less than the year before.
Late last year, the company was eyed up for a takeover by US payments group StoneX, which presented a non-binding proposal to acquire the company for 57% less the £851m valuation at the time of its IPO.
StoneX ultimately did not progress with an official offer.
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