Payments fintech Tyro Payments [ASX:TYR] has ended its ‘extensive’ search and appointed Jon Davey the as new CEO.
TYR shares were down 3.5% in late afternoon trade with the TYR stock down 55% year to date.
That said, the fintech is up 35% in the past month after rejecting a takeover bid from Potentia Capital.
Source: www.tradingview.com
Tyro’s new CEO
Tyro has a new CEO — Jonathan (Jon) Davey.
Davey isn’t an outside hire, having served as the CEO to its Health business segment since 2021.
Tyro described Davey as a veteran corporate operator, with 30 years’ experience as a senior technology executive for corporate, start-up, and management consulting businesses across the financial industry.
Before joining Tyro, Davey worked at NAB, working his way to Executive General Manager for Digital Innovation and Customer Experience and built up the banks $100 million Corporate Venture Capital Fund.
Davey designed and produced NAB’s ‘first to market’ SME lending platform and transformed the digital presence of the branch.
Tyro’s Chair David Thodey offered his thoughts on the appointment of the company’s new CEO, following an ‘extensive’ search process for the new head of leadership:
‘I am delighted to confirm Jon as our new CEO. Having completed a thorough search process, it is pleasing to appoint such a strong internal candidate. Jon is a seasoned technology executive who brings relevant experience from a 30-year career working in financial services, both within corporate and start-up environments. Jon has been a strong member of the Tyro executive team for close to 18 months so he will hit the ground running, focusing on expediting the delivery and execution of our strategy.
‘The Board and I thank Robbie Cooke for his significant contribution over his nearly five years as CEO. We are pleased he will continue with Tyro in an advisory position until the end of the year to ensure a smooth transition with Jon.’
Mr Davey is set to begin the extended role on 3 October, with current CEO Robbie Cooke aiding the transition to the end of the year.
Davey also commented on his new extended role at Tyro:
‘Tyro is one of Australia’s first fintech companies and continues to be one of the country’s fastest growing technology and innovation companies. I am thrilled to have the opportunity to lead the business into a new and exciting chapter; delivering value for our shareholders, delighting our customers, and ensuring Tyro is a great place to work.’
Tyro to experience rapid growth
Last week, Tyro announced it received an unsolicited takeover offer from Potentia Capital, which Tyro’s board had called ‘highly opportunistic’.
TYR thinks the offer — valuing Tyro at about $695 million — undervalued its potential and growth outlook.
For the year to 30 June Tyro saw total transaction volume rise 24%.
The fintech has guided for transaction volume in 2023 to come in between $40 billion and $42 billion, with normalised gross profit of $175 million to $181 million.
Incoming control alert: CBDC introduction
Now, central banks worldwide — including our own Reserve Bank of Australia — are looking into adopting Central Bank Digital Currencies (CBDCs).
China has already rolled out its e-CNY with millions of yuan transacted daily during the Winter Olympics.
CBDCs are something we think you should know about.
In fact, our Editorial Director Greg Canavan says this ‘could fundamentally change how and where you spend your money and your life’.
So, if you want to learn more about CBDCs and their implications, we’ve just laid down our thoughts on the matter in a lively presentation.
I highly recommend you watch the briefing, as it offers a nice breakdown of all things central bank digital currencies.
Access the presentation — for free — here.
Regards,
Kiryll Prakapenka
