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EML (ASX:EML) share price soars on new CEO, business plans

The EML Payments Ltd (ASX: EML) share price has jumped 13% after announcing yet more management changes and a potential business sale.

EML is a global payments company that operates in Australia, the UK, Europe and the US.

New leadership

EML announced that it has appointed an interim CEO, Kevin Murphy, and is now doing a global search for a replacement CEO.

Mr Murphy is a former managing director of the cards business of Bank of Ireland and has a “deep understanding of the global payments industry, has significant regulatory experience (including with the Central Bank of Ireland) and has been involved in several successful business turnaround scenarios for private equity funds.”

Ms Shand, the existing Managing Director and CEO will step down given the change in operational priorities.

New operational priorities

The board has decided to transition away from the previous long-range strategy announced at the November 2022 annual general meeting (AGM).

Those new priorities include engaging with the Central Bank of Ireland, the FCA in the UK and all other regulatory stakeholders. It intends to progress remediation efforts swiftly.

It’s looking to optimise and reduce costs across the business. That could be helpful for the EML share price.

EML is looking to grow its core, most profitable businesses, such as the gift and incentive business.

The company’s board is also putting more focus on retaining team members, particularly critical ones, which is important for EML’s current businesses and future growth plans.

Strategic review

EML has appointed Barrenjoey, the strategic Australian investment banking partner of Barclays, to conduct a review of the EML business.

This review will “consider all options available to the board, including a potential sale of all or parts of the business in order to maximise shareholder value.”

Leadership comments

The EML Chairman Luke Bortoli said:

The renewed Board has spoken with internal and external stakeholders and formed a view on the urgent priorities for the business. We are focused on doing the right thing by our people, customers, regulators and shareholders and we are committed to taking actions that will help the business move through its immediate challenges, deliver sustainable growth in the medium to long term and maximise value for shareholders.

Final thoughts on the EML share price

The market clearly thinks this is good news for the business. A potential takeover would be a boost for shareholders if something happened. Cost cutting and re-focusing on the priorities seems like a good move as well.

Hopefully this is finally enough to permanently turn things around for EML on a better path.

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