15 Oct 2014 07:00
15 October 2014
Earthport plc
("Earthport" or the "Company")
Management and Board Changes
Earthport (AIM: EPO), the global payments company, today announces that Paul Thomas has stepped down as an Executive Director of the Company and remains with Earthport as Non-Executive Director. Paul will continue supporting key client engagements.
In addition, Earthport announces that Sajeev Viswanathan, who joined Earthport in June 2014 as President - Global Head of Strategy and Product, has been appointed to the Board as an Executive Director, subject to approval by the FCA and HMRC, effective from the date of such approvals.
Under the Company's Option Plans and Long Term Incentive Plan ("LTIP"), Mr. Viswanathan, on 15 August 2014 was granted 1,000,000 options at 44p, which vest in equal quarters on 31 December over the next four years, and 750,000 options at nil consideration, which have vesting conditions based on the Company achieving certain targets including positive operating cash flow and a specified level of operating profitability.
Hank Uberoi, CEO of Earthport plc, commented: "Paul has made an enormous contribution to the commercial development of Earthport since he joined us in 2010 and the Board is pleased that he will continue in a Non-Executive Director capacity. Earthport is now positioned to become a de-facto standard for low value cross-border payments and Paul has played an important role in this success. Earthport has a strong leadership team, which was added to earlier in the year with the recruitment of Jorge Moran as a non-executive director and Sajeev Viswanathan, both of whom are seasoned professionals with extensive industry experience."
Phil Hickman, Non-Executive Chairman added, "I am delighted that Paul will remain on the Board. I feel that the overall composition of the Board is now very strong with the added influence of both Jorge and Sajeev and look forward to working with all of them in their new roles."
Details of Sajeev Viswanathan's (Age 46) current and previous directorships in the past five years are set out below:
Past Directorships (Last 5 years)
Basix Sub-K 1 Transactions LTD
Bhartiya Samrudhi Finance LTD
Citicorp Trustee Company Limited (UK)
Primetex Brands PVT LTD
Varyant Operations and Technology Co. PVT LTD
There are no other matters which are required to be announced pursuant to paragraph (g) of Schedule 2 to the AIM Rules
For further information, please contact:
Earthport plc Hank Uberoi
| 020 7220 9700 |
Charles Stanley Securities Mark Taylor / Paul Brotherhood
| 020 7149 6000 |
Panmure Gordon Fred Walsh
| 020 7886 2500 |
Newgate Threadneedle Fiona Conroy / John Coles / Jasper Randall
| 020 7653 9850 |
About Earthport
Earthport plc is a regulated financial services organisation and one of the largest open networks for global bank payments through its cross-border payments infrastructure.
Through a single connection to Earthport's highly sophisticated payments network, customers can quickly and transparently deliver payments to over 190 countries and 65 low-value clearing systems around the world in a highly cost-effective and secure manner. Earthport's clients include banks, e-commerce providers, money transfer companies and payment administrators.
The company is headquartered in London and is listed on the Alternative Investment Market (AIM) on the London Stock Exchange. It operates globally with additional regional offices in Dubai and New York. Earthport plc is authorised and regulated by the Financial Conduct Authority under the Payment Service Regulations 2009 for the provision of payment services. To learn more, please visit www.earthport.com and follow us via RSS or on social channels, Twitter @Earthport, LinkedIn, Youtube and Slideshare.