EMERCHANTS CHAIRMAN STEPS DOWN DUE TO PRESSURES OF TRAVEL

Written on the 18 February 2015 by Nick Nichols

EMERCHANTS CHAIRMAN STEPS DOWN DUE TO PRESSURES OF TRAVEL ONEROUS travel commitments between the US and Australia have been blamed for the resignation of Bob Browning as chairman of Emerchants' (ASX: EML).

Browning, who is based in the US, has been chairman of the prepaid card operator for the past three years.

At the end of last year, he played a pivotal role in Emerchants' $24.9 million buyout of Store Financial Services UK, which is one of Europe's largest shopping mall gift card processors with operations in nine countries.

Browning, a former CEO of Alinta, will remain on the Emerchants board as a non-executive director and will stand for re-election at the company's AGM in November. He joins David Liddy as non-executive director and replaces incoming chairman Peter Martin in the non-executive role.

"On behalf of the Emerchants board, I thank Mr Browning for his excellent guidance and significant contribution to the growth of Emerchants," says CEO Tom Cregan.

"Bob has been very supportive of management in our strategy of turning Emerchants into a leader in the reloadable industry and then supporting and driving our push internationally.

"We're pleased that Bob is remaining on the board and I look forward to his continued contribution to the company."

Emerchants has yet to deliver a maiden net profit, but it is pinning its hopes on last year's Store Financial acquisition to bring it into the black. Emerchants expects Store Financial to generate revenue of $8.6 million and to contribute $2.7 million to EBITDA in the first 12 months of the acquisition.

Meanwhile, Martin's move to fill the chairman's role comes as no surprise.

The former CEO of Rothschild Australia Asset Management is a major stakeholder in the company, owning 9.4 million shares worth about $6 million.

Martin has more than 35 years' experience in marine construction, finance and investment management. He has previously held directorships on Rothschild boards both in Australia and overseas.

Author: Nick Nichols

Latest News

CROMWELL CALLS FOR FULL DISCLOSURE FROM INVESTA

CROMWELL Property Group (ASX:CRM) has claimed Investa Office Fund (ASX:IOF) has not disclosed material information ab...

FRAUD CAUSES SILVER CHEF PROFIT SLIDE

EQUIPMENT financier Silver Chef (ASX:SIV) has seen its half-year profit slide due to fraud.

The Brisbane company r...

MEGAPORT QUADRUPLES REVENUE AND INVESTS IN EXPANSION

MEGAPORT (ASX: MP1) increased revenue 345 per cent to $4.46 million in the six months to 31 December 2016, the com...

IN-STORE VETS BOOST GREENCROSS' PROFIT

GREENCROSS Limited (ASX: GXL) shares lifted 5 per cent in trading today after the Brisbane-based company posted a ...

Related News

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

RISE OF THE MACHINES HAS WORKERS SWEATING

UP TO 3.8 million Australian workers are fearful their job may soon be terminated by a robot, a new survey has shown....

LESS TALK, MORE SMALL BUSINESS ACTION IN 2017

THE future growth and prosperity of Australian SMEs could be undermined if governments lose sight of the sector...

TEST DRIVE A POST GRAD AT BOND

THERE'S only one way to really move your career into the fast lane, says Bond University, and 'test driving...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter