(Alliance News) - Troubled foreign exchange services provider Finablr PLC on Wednesday said Bhairav Trivedi has agreed to take over as chief executive.
Trivedi's appointment was effective from March 10. He replaces Promoth Manghat, who departed in March. At the time, Finablr said it was to appoint a new CEO as soon as possible.
Finablr also said Wednesday that Chief Financial Officer Rahul Pai will be leaving once a successor is found.
Co-Chair Michael Tomalin commented: "I am delighted that Bhairav has joined the board of directors. He is an experienced business professional with over 25 years' senior management experience in strategy, sales, marketing, business development and operations in the financial services sector, with deep domain expertise in emerging technologies and payments with a special focus on the consumer payment and remittance industry."
In March, just a day after announcing Manghat's departure, Finablr said it could be seeking insolvency, with an unnamed accounting firm appointment to plan for the possible move.
Finablr has faced a raft of problems recently, including a major cyber attack at the start of 2020, compounded by travel restrictions due to the coronavirus pandemic, meaning a slump in demand for foreign currency exchange.
It has also been hurt by the fact co-Chair Bavaguthu Raghuram Shetty is the founder of FTSE 100 healthcare firm NMC Health PLC, which is facing its own significant problems, including possible fraud.
Shetty resigned from the NMC board in February after being banned from board meetings for inaccurately reporting his shareholding.
Former Finablr CEO Promoth Manghat is the brother of ex-NMC CEO Prasanth Manghat, who was fired in February over financial discrepancies at NMC.
Shares in Finablr are currently suspended from trading in London due to the potential insolvency.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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