Departure: Bhairav Trivedi will stand down as the boss of CAB Payments next month
The chief executive of CAB Payments plans to stand down in March, just months after the payments provider’s calamitous initial public offering.
Bhairav Trivedi will leave as the financial technology group’s boss following the publication of its annual results on 26 March, but remain as a ‘senior adviser’ to its board.
During his tenure, the firm’s revenue has more than doubled, thanks partly to rising aid flows and customer numbers during the Covid-19 pandemic.
To further its expansion, CAB decided to go public on the London Stock Exchange last summer at £3.35 per share, equating to an implied valuation of £851million.
However, the group’s share price plunged by nearly three-quarters on one day in October after it warned annual revenue would be 17 per cent lower than previously forecasted due to currency volatility, including a depreciating Nigerian naira.
Although they have somewhat recovered since then, CAB Payments Holdings shares stood at 102.9p just before midday on Friday, approximately 70 per cent below their IPO price.
Based in Sutton, CAB specialises in offering cross-border payments and foreign exchange services across over 150 countries, with a particular focus on emerging markets.
Trivedi became its CEO at the start of 2021 following a long career in the financial services sector, including at Citi Bank, Network International, and troubled payments business Finablr.
He told investors: ‘It has been an honour to lead CAB Payments over the last few years, and I am extremely proud of what we have achieved.
‘The company has expanded and deepened its customer base and presence globally and set out clear priorities to extend our FX and payments capabilities, further diversify our customer base and expand the number of markets we serve.’
Succeeding him at CAB is Neeraj Kapur, who was most recently the chief financial officer of Vanquis Banking Group – formerly Provident Financial – for three years until leaving last August for unspecified personal reasons.
Like Trivedi, Kapur has worked for many years at financial businesses, including Royal Bank of Scotland Group, Ulster Bank, and Secure Trust Bank.
CAB’s chairman, Ann Cairns, said Kapur ‘is a seasoned finance professional and proven leader who brings a wealth of experience to this role’.
She added: ‘We are confident CAB Payments will continue to flourish and grow under his leadership as he executes our strategy to deliver long-term value for all our stakeholders.’
