Tillbrook to step down as Alpha Group CEO, chair Kahn to take over

10th Sep 2024 08:31

(Sharecast News) - Alpha Group International announced on Tuesday that Morgan Tillbrook would step down as chief executive officer and director on 31 December, with Clive Kahn, the company's chairman since 2016, to succeed him as CEO from 1 January 2025.

The London-listed firm said Tillbrook, who had led Alpha since its initial public offering, would remain in his position until the end of 2024 and continue to provide strategic advice to the company afterwards.

It said Tillbrook had committed to retaining at least a 10% shareholding in the group for three years.

Kahn, currently holding a 0.83% stake, had meanwhile pledged to significantly increase his equity in the company as he transitioned into his new role.

Kahn's appointment followed the successful sale of his company, Takepayments, to Global Payments earlier in the year.

The board said he would assume the role of executive director at Alpha on a full-time basis once his commitments to Global Payments were fulfilled, expected by 1 November.

At that time, Dame Jayne-Anne Gadhia, the current Independent non-executive director, would succeed him as chairman of Alpha.

The board said Kahn would bring extensive experience in scaling financial services companies, particularly in foreign exchange and card payments.

His tenure at Takepayments saw the company grow from a struggling business into one of the UK's leading card acceptance firms.

Kahn's previous leadership roles included serving as CEO of Cardsave and as both CFO and CEO of Travelex, where he played a pivotal role in the company's global expansion.

"Alpha Group is an exceptional company with an incredibly exciting future ahead of it," said Clive Kahn.

"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."

At 0903 BST, shares in Alpha Group International were down 11.06% at 2,090p.

Reporting by Josh White for Sharecast.com.