The EML Payments share price has crashed almost 25% today after the company announced this morning that their long-time CEO Tom Cregan suddenly resigned.
Following this announcement evidently in an attempt to calm shocked shareholders, EML Payments advised the appointment of Emma Shand as its managing director and CEO, effective immediately. It is noted that Shand brings 25 years of global experience in technology, capital markets, and diversified financial services.
Most notably, she spent more than 16 years in senior management roles with US-based index, Nasdaq. Taking into account EML Payment’s huge European business, the new MD is expected to spend a lot of time on the ground in Europe.
The company also noted that while the former CEO Cregan will receive his contractual entitlements and his equity in accordance with the terms of grant, but no termination benefits will be provided.
EML Payments chair Peter Martin touched on the appointment saying:
“Emma has served as a member of the EML Board of Directors since September 2021. She brings a deep appreciation of the exciting growth opportunities ahead for EML in a world rapidly transitioning to digital payments. Importantly, she has a very impressive track record initiating and overseeing complex, transformational change.”
Despite the massive dip in EML’s share price and trading at a 52-week low, the company still has a market cap of over 360 million, which is still higher than some of its peers, including the infamous ZIP.
Since the company’s peak in April last year, however, EML has lost over 82% of its share value.