BRISBANE, AUSTRALIA: Australian payments company EML Payments has announced the resignation of its CEO, Emma Shand, and the appointment of Kevin Murphy as interim CEO with immediate effect.
The announcement marks the third leadership change at EML in under a year, following the ousting of the former chairman Peter Martin in November 2020 and the abrupt departure of former CEO Tom Cregan last July.
EML Payments has faced a number of challenges in the past year, with its share price falling 77% to 66¢ amid regulatory problems in its Irish business and a wider downturn in tech stocks.
In response, the company has appointed investment bank Barrenjoey to conduct a strategic review of the business and consider all options to maximise shareholder value, including potentially selling all or part of the company.
The appointment of Murphy, who has significant payments experience, suggests that EML is refocusing on its core gift card market. EML shares rose 15.6% on the announcement of the changes.