CAB Payments CFO Richard Hallett has taken the decision to step down from his position.
Hallet has spent nine years at the Sutton-based FinTech, which says he was instrumental in cementing its position as a market-leading provider of foreign exchange and cross-border payments for hard-to-reach markets.
CAB Payments underwent an £851m IPO in London in July 2023 but a huge drop in its share price saw its market capitalisation fall to just £152.5m just three months later.
Since then, the firm’s market cap has stabilised and currently stands around £151m.
Details of Hallet’s exit agreement are expected to be disclosed in the company’s 2024 annual report.
He leaves with immediate effect, and the firm’s head of banking, Matthew Talty, will take up an interim role over leadership of the finance function until a replacement is found.
“It has been a privilege to serve as a member of the leadership team at CAB Payments since its acquisition in 2016, and I am proud of the positive difference CAB has made in developing parts of the world during this time,” said Hallet.
“I am confident CAB will continue to progress from the very solid foundations we have built and I wish every success to the exceptional team of people and colleagues I leave behind.”
Ann Cairns, chair of CAB Payments, added: “We would like to thank Richard for his commitment and enormous contribution to the company’s development over the last nine years.
“He has played a key role in transitioning the business from private to public ownership; a tremendous achievement. We wish him the very best for the future.”
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