The Tyro Payments Ltd (ASX: TYR) share price is down 4% today after announcing a new CEO.
After recently rejecting a takeover offer, Tyro has named who its new boss is going to be.
Jon Davey appointed as CEO
Tyro has picked Jonathan Davey as its new leader.
Mr Davey is currently CEO of Tyro’s Health business, having joined Tyro in May 2021 after Tyro’s acquisition of health fintech Medipass, which he led. He will officially commence as CEO on 3 October 2022.
The outgoing CEO and Managing Director, Robbie Cooke has offered his services for the duration of his notice period until 31 December 2022, so that the business can go through a seamless transition.
What’s his experience?
He has been working in the technology space as an executive for 30 years in a range of different businesses including corporates, start-ups and management consulting businesses, mostly in the financial services.
Mr Davey had been at National Australia Bank Ltd (ASX: NAB) for 10 years, with the last five years as the executive general manager of ‘digital, innovation and customer experience’.
He’ll have a fixed annual remuneration of $750,000, which will be reviewed annually. Mr Davey will also have short-term and long-term incentives if he achieves certain targets.
Management comments
Tyro’s Chair, David Thodey, said:
I am delighted to confirm Jon as our new CEO. Having completed a thorough search process, it is pleasing to appoint such a strong internal candidate. Jon is a seasoned technology executive who brings relevant experience from a 30-year career working in financial services, both within corporate and start-up environments. Jon has been a strong member of the Tyro executive team for close to 18 months so he will hit the ground running, focusing on expediting the delivery and execution of our strategy.
Final thoughts on the Tyro share price
Tyro is an interesting payments business which is tapping into that digital payments trend. However, I’m not sure how much market share it can achieve and how large its profit margins can become, so I’m not sure whether it’s a good buy at this level or not.
