Maloney named new Payzone CEO
Embattled e-payments firm Payzone has named former BT COO Mike Maloney as its new chief executive.
Maloney served for 12 years with BT Ireland, having stepped down as the telco's chief operations officer earlier this year. He joins Payzone at a time of significant upheaval for the firm.
His predecessor John Nagle was removed from his position alongside chief financial officer John Williamson after a near two-month battle to oust the pair from office. Having suffered defeat in the High Court, Payzone's board was forced to resort to holding an EGM of shareholders in order to finally remove Nagle and Williamson last month. On Monday Payzone also announced that Nigel Bell, currently the group's financial controller, would fill Williamson's former role.
The firm's chairman Bob Thian also stood down on Monday as part of the restructuring process. Thian will be replaced in the short term by Peter Smyth, the current deputy chairman of Payzone, in an interim role and Smyth will lead the search for a new chairman. Another director, Jerome Misso, has also stood down following the disbanding of the firm's Board Operations Committee.
The boardroom shake-up reflects what has been a choppy period for Payzone. Shares in the firm have been suspended on London's Alternative Investment Market (AIM) since January and the future of the firm, which was formed out of the merger of Irish payments firm Alphyra and Cardpoint, has looked shaky to say the least.
Despite having to negotiate rough seas, including facing new competition from Cash which is a new firm set up by former Cardpoint front man Mark Mills, Maloney said he is confident Payzone can rebuild and be successful. "Payzone has strong market positions throughout the EU and I am confident that these market positions can be developed further to create significant future shareholder value," he said.
Words won't be enough to raise market confidence after a particularly painful run for Payzone but there have been some positives in recent times which the payments systems firm can point to. In February Payzone announced that shareholders, including the firm's largest shareholder Balderton Capital, had agreed to provide the company with EUR8 million in new funding. For the new management this kind of support will be necessary if they are to turn around the firm' fortunes.