CPPGroup CEO Simon Pyper steps down amid executive exodus to cut costs

(Alliance News) - CPPGroup PLC on Thursday said Chief Executive Officer Simon Pyper will step down at the end of September along with the firm's chief financial officer and chief operating officer.

The Leeds, England-based provider of digital financial services said Pyper will become chief financial officer and managing director of legacy operations.

He is expected to leave the group during 2026.

Chief Financial Officer David Bowling and Chief Operating Officer Eleanor Sykes will step down from the board and their executive roles.

They will continue, in a non-executive capacity, with UK regulatory approved responsibilities for captive run-off insurance business Homecare Insurance Ltd. They will oversee its operations and orderly closure.

CPPGroup said the "various actions" taken in recent years are expected to see central costs fall from GBP10.1 million in the 2023 financial year to a run rate in the region of GBP2.5 million per year, after the most recent round of cost cutting.

"This reorganisation simplifies and streamlines the group's senior management structure, reducing aggregate central cost whilst focusing on the requirements of Blink and the management of the legacy operations," said Chair David Morrison.

"On behalf of the board, I would like to thank Simon, David and Eleanor for their outstanding service and contribution to the company. Simon took over as CEO early in 2022 and has been responsible for instigating and executing the strategy that has led to the exit from the legacy holdings in Turkey and India and refocusing the group on Blink."

Shares in CPPGroup closed up 5.2% at 158.80 pence in London on Thursday.

By Michael Hennessey, Alliance News reporter

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