The CEO of Alpha Group International plc is stepping down in what he says is “the right decision for the company”.
Morgan Tillbrook has decided to step down as CEO and director of the financial services business, which specialises in the management of foreign exchange risk for corporates, at the end of the year.
Tillbrook is a competitor in the British GT racing championship, in which he drives a McLaren 720S GT3 Evo.
He will be succeeded by Clive Kahn, who has been the company’s chairman since 2016, and is due to be replaced as chair next year by financial sector veteran Dame Jayne-Anne Gadhia.
Kahn sold his firm takepayments to Global Payments in April 2024. Gadhia, the former CEO of Virgin Money and founder of FinTech Snoop, will now take over as chair from November 2024.
Kahn has successfully scaled various financial services companies in both FX and card payments. Joining Alpha Group as chairman prior to its IPO in 2016, he has held this role alongside his position as CEO of takepayments, a payments solution business he acquired with partners in December 2015.
He transformed that company from a failing bill payments business into one of the leading card acceptance businesses in the UK.
He also spent seven years as CEO of Cardsave, leaving in 2014 after managing its merger into Worldpay UK ltd. Before this, he was CFO then CEO of Travelex, the global foreign exchange business, where during his tenure the company grew from 100 employees to over 6,000 operating across 35 jurisdictions.
Alpha recently reported a 16% increase in revenue to £64 million in H1 2024.
“The journey I have been on with Alpha over the past 15 years has been incredible, and I feel privileged to have been able to work with some amazing people who together have enabled us to build a truly special and global business,” said Tillbrook.
“My decision to step down as CEO comes with the confidence that the business is on a strong and exciting growth trajectory, but also the conviction that there are people who would be better positioned for this stage in the Company’s journey, and none more so than Clive.
“Whilst it has not been an easy decision, it is the right decision for a company I love and which, as the largest shareholder, I wish to continue going from strength to strength.
“Clive has been a phenomenal chair and mentor to me since he joined the group in 2016, when our annual revenues were less than our monthly revenues are now.
“People may wonder why I am not seeking to retain a seat on the board; fundamentally it is due to the confidence I have in Clive and the freedom he deserves to lead Alpha. The board has made many important decisions during my time at Alpha, and I have complete conviction in this one.”
Kahn added: “Alpha Group is an exceptional company with an incredibly exciting future ahead of it. I have thoroughly enjoyed serving as its Chair over the last eight years.
“It will be a privilege to now lead the business as its CEO, and I would like to thank Morgan and the board for the trust and confidence they have placed in me. I am confident that with the team and foundations we have in place, we will continue to take the business from strength to strength.”