- Bhairav Trivedi to step down as head of fintech group next month
- CAB Payments Shares Remain About 70% Below Their IPO Price
Exit: Bhairav Trivedi to step down as CAB Payments chief next month
The CEO of CAB Payments plans to resign in March, just months after the payments provider’s calamitous initial public offering.
Bhairav Trivedi will step down as head of the fintech group following the release of its annual results on March 26, but will remain as a “senior advisor” to its board.
During his tenure, the company’s revenue has more than doubled, thanks in part to increased aid flows and customer numbers during the Covid-19 pandemic.
To further its expansion, CAB decided to float on the London Stock Exchange last summer at £3.35 per share, equivalent to an implied valuation of £851 million.
However, the group’s share price plunged almost three-quarters in one day in October after it warned that annual revenue would be 17 percent lower than previously forecast due to currency volatility, including depreciation of the Nigerian naira.
Although they have recovered somewhat since then, CAB Payments Holdings Stock it stood at 102.9 pence just before midday on Friday, around 70 per cent below its IPO price.
Headquartered in Sutton, CAB specializes in offering cross-border payments and currency exchange services in over 150 countries, with a focus on emerging markets.
Trivedi became its CEO in early 2021 after a long career in the financial services sector, including at Citi Bank, Network International and troubled payments company Finablr.
He told investors: ‘It has been an honor to lead CAB Payments over the past few years and I am very proud of what we have achieved.
“The company has broadened and deepened its customer base and global presence and has established clear priorities to expand our payments and foreign exchange capabilities, further diversify our customer base and expand the number of markets we serve.”
He will be succeeded at CAB by Neeraj Kapur, who was most recently CFO of Vanquis Banking Group – formerly Provident Financial – for three years until he stepped down last August for unspecified personal reasons.
Like Trivedi, Kapur has worked for many years at financial firms including Royal Bank of Scotland Group, Ulster Bank and Secure Trust Bank.
CAB president Ann Cairns said Kapur “is an experienced financial professional and proven leader who brings a wealth of experience to this role.”
He added: “We are confident that CAB Payments will continue to thrive and grow under his leadership as it executes our strategy to deliver long-term value for all our stakeholders.”