EML Payments share price rebounds 12% after former CEO sheds more light

Group of people cheer around tablets in officeGroup of people cheer around tablets in office

The EML Payments Ltd (ASX: EML) share price recovered some lost ground today.

This comes after the company’s former managing director and CEO posted a message on his LinkedIn profile regarding his departure from the company.

At Thursday’s close, the payments company’s shares were swapping hands at $1.05, up 12.3%.

What did the former CEO say?

The EML Payments share price finally enjoyed some relief today having fallen in the three previous sessions, including a drop of almost 25% on Monday following the shock news of CEO Tom Cregan’s exit.

Cregan bid the company farewell today after 10 and half years at the helm. He noted the “incredible journey” of building the business with a dedicated team that brought “their A-game”.

Cregan mentioned how EML Payments turned its fortunes around from being a small-time player to a global behemoth.

However, he delved into the reason for the abrupt exit that left shareholders stunned on Monday.

Cregan said:

After more work hours, air miles and nights away from home that I care to remember, I was happy to move on to the next journey and was happy that I controlled that outcome.

I will miss the people and customers, but not the 6am starts and 10-11pm finishes most days of the week!

Furthermore, Cregan went on to congratulate Emma Shand on her appointment as the new managing director and CEO.

He mentioned that she has an ideal set of attributes to lead the company while spending considerable time in Europe to run its operations. That was something Cregan said he was no longer willing to do “from a personal and family standpoint”.

EML Payments share price snapshot

Today’s EMP Payments share price gains will no doubt being some relief to shareholders.

The company’s shares have suffered setbacks after continuously being targeted by short-sellers following a disappointing third-quarter trading update in April.

In the past 12 months, its shares are down 72%.

EML Payments has a market capitalisation of roughly $478.03 million.

The post EML Payments share price rebounds 12% after former CEO sheds more light appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended EML Payments. The Motley Fool Australia has positions in and has recommended EML Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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