23 February 2024 , 11:37
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The boss of CAB Payments is set to step down as chief executive of the company, just months after a disastrous debut on the London Stock Exchange.
The payment processing firm was one of the biggest companies to join the London Stock Exchange last year, with an initial value of about £800 million. But in the next three months, this value dropped by 80% following a profit warning.
On Friday, the company announced that CEO Bhairav Trivedi will step down from his role next month. He'll be succeeded by Neeraj Kapur, who joined the company on Friday.
Mr Trivedi will stay on as a strategic adviser to help Mr Kapur settle into his new role. Mr Trivedi said: "It has been an honour to lead CAB Payments over the last few years and I am extremely proud of what we have achieved."
He added: "The company has expanded and deepened its customer base and presence globally and set out clear priorities to extend our FX and payments capabilities, further diversify our customer base and expand the number of markets we serve."
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Mr Kapur expressed his excitement about leading the team at CAB Payments as the company enters its next phase. He said: "CAB Payments has both a very proud history and exciting future growth plans. I look forward to updating all our stakeholders on our progress in due course."
Last month, CAB Payments announced that it expects its total income for 2023 to be about 25% higher than the previous year.