Aussie paytech EML Payments mulls sale as CEO resigns
Australia’s EML Payments is set to begin a strategic review that could see all or part of the business sold as the company looks to “transition away” from its previous long-term strategy.
The “change in operational priorities” at the firm has also seen CEO Emma Shand resign from her role after just 10 months.
EML Payments to conduct strategic review
EML Payments has appointed Barrenjoey, the Australian partner of Barclays, to conduct the review of its business. The firm says the review will “consider all options”, including a potential sale, as it looks to “maximise shareholder value”.
The company has appointed Kevin Murphy as interim group CEO with immediate effect and has commenced a global search for a permanent replacement for Shand, for which Murphy will also be considered.
Shand stepped down from her role as managing director and group CEO on 17 April and will remain employed with EML for a “short transitional period” until 17 July.
EML Payments says it is reconsidering its long-term strategy to solve current business challenges, with four key priorities.
First on its list is accelerating its remediation efforts with the Central Bank of Ireland and the UK’s Financial Conduct Authority (FCA). In May 2021, the Central Bank of Ireland raised “significant regulatory concerns” over its subsidiary, Prepaid Financial Services (PFS).
New interim CEO Murphy has previously worked for the Bank of Ireland in various senior roles, including as chief operating officer of its consumer banking division in Ireland and the UK and as CEO and MD of its cards business.
Other priorities for the firm within the review include an “enterprise-wide” cost optimisation programme to streamline its operations as it looks to become “leaner and more efficient”; boosting growth in its core businesses; and retaining talent in light of recent departures.
