Cab Payments CEO to stand down

(Sharecast News) - Foreign exchange business CAB Payments revealed on Friday that chief executive officer Bhairav Trivedi will be succeeded by Neeraj Kapur following the publication of the group's full-year results on 26 March. CAB Payments said Trivedi will support "a smooth transition of responsibilities" to Kapur and has agreed to then take on a new role as senior adviser to the board. In this role, Trivedi will lead the company's push globally to build "increasingly strong relationships" with central banks, regulators, current and prospective strategic customers, and other senior industry participants.

The London-listed group stated Kapur has more than 20 years of experience in senior operational and finance leadership roles in retail, corporate, and SME banking, and was most recently chief financial officer of Vanquis Banking Group.

Chairman Ann Cairns said: "On behalf of the board, I would like to thank Bhairav for his commitment and contribution, which has positioned the company as a leader in its field. Under his leadership the company more than doubled its revenue. I am delighted Bhairav has agreed to continue to represent, advise and support CAB Payments going forward.

"The company remains committed to serving our loyal customer base and gaining new customers across Europe and the US. We look forward to expanding our network and capabilities and entering new FX and payments markets across the world."

As of 0900 GMT, Cab Payments shares were down 1.76% at 100.20p.

Reporting by Iain Gilbert at Sharecast.com