Paymark CEO resigns

Paymark CEO resigns

The board of Paymark Limited has accepted the resignation of its Chief Executive Officer, Mark Rushworth.

Stephen Franks, Chairman of Paymark, says, “Mark has led the company through a time of considerable change over the past three years. He has recruited a talented executive team well equipped to lead the company’s development in the coming months and years.”

Under Mark’s leadership Paymark has undertaken a programme of transformation to prepare for the new world of digital payments. Paymark has launched strategic partnerships including with Xero and new products such as Paypr and Online EFTPOS.

Mark Rushworth says he has enjoyed the challenge of revitalising one of New Zealand’s iconic companies.

“I am immensely proud of the Paymark team and the amazing work they’ve done to ensure that EFTPOS remains relevant for the next 25 years. Now is a great time to hand over the reins and start on the next challenge.”

After a strategic review in October last year, shareholders commenced a process earlier this year, intended to enable some or all shareholders to sell their stakes in Paymark if they wished. It has not yet reached a conclusion. Mr Franks says, “That process has unavoidably created some uncertainty in the company, Mark Rushworth and his team have worked with that extra pressure through much of the year”.

Mark has advised the Board that, with the sale process likely continuing into 2017, he wishes to move on to a new challenge.

Until the appointment of a new CEO for the company, Liam O’Reilly, currently General Counsel at Paymark, will be the Acting CEO.

ENDS

© Scoop Media