EML payments (ASX:EML) announced changes to its leadership as part of its commitment to the EML 2.0 strategy. The Company has terminated the employment of Managing Director and Chief Executive Officer Ron Hines, effective December 21, 2024. Hines will receive six months’ notice but no capital grants due to his departure before the relevant vesting dates.
EML Payments is a global payments company. It specializes in prepaid cards, virtual payments and digital wallets, offering customized seamless payment platforms. His clients include government agencies, brands, financial services and human capital management companies.
Ron Hines has been Group CEO since 30 June 2024. He has more than 25 years of experience in the prepaid card industry, including more than 10 years leading businesses within Mastercard and JPMorgan.
Anthony Hines, the current independent non-executive chairman, has been appointed as executive chairman with effect from 23 December 2024. With extensive experience in global payments and a deep understanding of EML’s operations, he will be paid $67,000 per month, equivalent to the previous CEO’s fixed salary.
In addition, Ken Putakidis, Independent Non-Executive Director and Chairman of the Audit and Risk Committee, has been appointed Vice Chairman. His annual remuneration has been adjusted to $175,000 in accordance with EML’s director fee structure.
The company reaffirmed its FY25 EBITDA guidance. from $54–$60 million.
Shares in EML sank on the news. They are currently 21.11% lower at 71 cents.
